Singapore sets up competition body

Singapore sets up competition body

SINGAPORE: Singapore said on Thursday it will set up a commission
aimed at cracking down on anti-competitive business practices in
this wealthy city-state, which relies heavily on international
trade.

Singapore has in recent years signed a series of two-way free
trade agreements with countries including the United States. Many
of the nations with which it's made such deals have encouraged it
to set up such a commission.

The new body will have the task of making sure local markets
for goods and services are fair and efficient.

The commission "will have powers to investigate and adjudicate
anti-competitive activities. It will also have the powers to
impose sanctions," said a statement from the Ministry of Trade
and Industry.

The new body, named the Competition Commission of Singapore,
will be empowered to act from the start of 2006 "to allow time
for (it) to build up its resources and capabilities to perform
its enforcement duties," the statement said.-- AP