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