Singapore's competition policies lagging in Asia =<\/p>\n
Doutsche Press-Agentur
\nSingapore<\/p>\n
Among the leaders in Asia when it comes to financial services
\nand IT adoption, Singapore lags in competition policies, a law
\nfirm said on Tuesday.<\/p>\n
Thailand, Indonesia, the Philippines, Japan and South Korea
\nhave competition laws in place and Malaysia is currently looking
\nat one, according to Rajah & Tann.<\/p>\n
A new competition law, which aims to stop price-fixing and
\nother anti-competitive activities by individuals and
\norganizations, is expected to become law on January 1 next year.<\/p>\n
The ministry of trade and industry has released a draft bill
\nfor public consultation in hopes the new law will prompt
\nbusinesses that traditionally relied on agreements within their
\nindustry or groups to review their operations to comply with the
\nstatute.<\/p>\n
Noting that Australia has had competition laws for at least 35
\nto 40 years, Kala Anandarajah, a partner at Rajah & Tann, also
\nmentioned the European countries and U.S.<\/p>\n
"So Singapore, in that sense, is actually a new kid on the
\nblock," The Business Times quoted Anandarajah as saying.<\/p>\n
"In a open economy like Singapore's, unfair tactics may well
\nbe adopted by a big player which is not a Singapore-based
\nentity," said Kim Seah, a member of the Law Reform Committee.<\/p>\n
Once the law is in effect, "We will then be on a more level
\nground with many other developed economies," he added.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/singapores-competition-policies-lagging-in-asia-1447899208",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}