NEC approves policy to be implemented

National

The National Executive Council (NEC) has approved the country’s first National Competition policy for implementation.
Over the past 16 years, Papua New Guinea has had legislation for consumer protection, regulations for monopolies and fairness of market but no clear competition policy to promote investment, business growth and expansion.
In 2014, the Government directed the Treasury Department to review the consumer and competition regime, which culminated in this home-grown policy.
Prime Minister James Marape said the review found that PNG had no policy on competition and recommended that such a policy be drafted and approved for implementation.
“Treasury developed a draft national competition policy and public consultations were held from May to July 2018, and finally, approved the draft policy for endorsement by NEC,” he said.
“NEC has just done that, approved the National Competition policy.”
Marape said it was designed to respond to the current and foreseeable future needs of PNG’s business and consumer rights.
“It has been formulated having regard to the need identified in the PNG Development Strategic Plan 2010-2030, for macroeconomic reform to improve economy.”

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