ASEAN Competition Authorities to Strengthen Competition Compliance by Businesses
13 September 2017, Singapore – ASEAN Competition Authorities met in Singapore to discuss initial steps to develop an ASEAN Competition Compliance Toolkit which will serve as a guide for competition authorities to promote competition compliance among businesses in the region, as well to as assist businesses in developing their own internal competition compliance programmes.
Mr Wee Guan Teo, Director of International & Strategic Planning Division, Competition Commission of Singapore, stated in his opening remarks that “jurisdictions that successfully encourage their business community to put in place effective competition compliance programmes will likely benefit from resource savings as well as prevention of harm to the economy stemming from a reduction in antitrust transgressions. Businesses also benefit as an effective compliance programme helps to ensure that their business operations and reputation are not harmed from the behaviour of unethical individuals. The Toolkit will go a long way to help businesses comply with competition laws in the region.”
It is envisioned that the Toolkit will include guidelines for competition authorities on how to improve the awareness and understanding of competition law among businesses, as well as key elements for businesses to consider in developing an effective competition compliance programme. The Toolkit is targeted to be developed by end-2017.
The Meeting was organized by the Competition Commission of Singapore with the support of the ASEAN Secretariat and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, upon commission of the German Federal Ministry for Economic Cooperation and Development (BMZ).