ICCC marks World Competition Day

AS part of its advocacy for the promotion and fostering effective competition in the market place in PNG, the Independent Consumer and Competition Commission commemorated the December 5 World Competition Day in Port Moresby yesterday.
Stakeholders, especially business houses and the legal fraternity, participated in a series of seminars that ICCC commemorated.
The day is observed annually worldwide commemorating the United Nations adoption of the international standard for competition laws called the “Set of Multilaterally Agreed Equitable Principles and Rules for the Control of Restrictive Business Practices”, commonly known as the United Nations Set of Principles and Rules on Competition; These principles and rules have guided a large number of countries in formulating and enacting their competition laws.
The theme for this year’s World Competition Day is “Digital Economy, Innovation and Competition”.
Given the above is the world theme; the ICCC has selected “Promoting Competition in PNG through Digital Innovation” as its theme for 2018.
The PNG economy is slowly moving towards a digital economy, hence the selection of the national theme.
ICCC manager Restrictive Trade Practices Grace Misina said the Competitive Markets & Fair Trade Division (CMFTD) implements and enforces Part VI of the ICCC Act.
“Part VI basically deals with two areas of our competition law, the Market Conduct Rules, these are rules that seek to address anti-competitive conducts that have the effect or potential effect of substantially lessening competition (SLC) in the market and; Business Acquisitions, where a person/business is prohibited from acquiring the assets or shares of another person/business if the acquisition is or would be likely to result in SLC.”
She said Section 53 of the Act says about Price fixing states the provisions of a contract, arrangement or understanding which have the purpose of effect of fixing, maintaining or controlling the prices of goods and services.