Seychelles marks World Competition Day
December 05, 2022
On the 5th of December every year, the Fair-Trading Commission, alongside other competition authorities worldwide, celebrate competition day as this marks the anniversary of the adoption of the Set of Multilaterally Agreed Equitable Principles and Rules for the Control of Restrictive Business Practices (UN Set) by the General Assembly of the United Nations.
To mark the occasion, the Minister for Finance, National Planning and Trade, Naadir Hassan, has said that ‘healthy competition in the market is fundamental to a well-functioning economy’.
“On this auspicious occasion, it is crucial that enterprises and consumers alike take the time to reflect on the benefits of an effectively implemented competition regime and how to play their role in making competition regimes work. It is also a time where competition authorities worldwide review and celebrate their achievements in promoting competition while simultaneously enforcing competition law. The Fair Trading Commission is no exception.”
This year, the Fair Trading Commission is operating under a new Fair Trading Act, which came into effect on the 1st of August, 2022.
The Fair Trading Commission envisages that with this new legislation, it will be more equipped to advocate for more equitable competition in the market whilst ensuring consistent application of the principles of competition in all sectors of the economy of Seychelles. The Fair Trading Commission introduced new provisions in the new Fair Trading Act, 2022 to address gaps and concerns identified with the preceding Fair Competition Act, 2009.
These new provisions such as the ability to carry out market inquiries empowers the Fair Trading Commission to conduct more thorough research in the various sectors of the economy to detect and address any anti-competitive practices and advise the Government accordingly in a bid to eliminate consumer harm and provide redress accordingly. The Fair Trading Commission has also adopted a Corporate Immunity Policy as it recognizes that this Policy, together with significant penalties for violators, will provide a considerable incentive for a cartel participant to provide information about possible existing cartels. With a more robust law, the Commission is set to accomplish more in respect of promotion, maintenance, and enforcement of competition in the market.
In this regard, the Fair Trading Commission has organized activities from the 29th to the 9th of December 2022 to celebrate the Competition Day while also coinciding this event with the yearly consumer outreach activity to provide consumers and businesses with more information concerning competition and competition provisions in the new law. The Fair Trading Commission will also be organizing games on SBC Paradise FM from the 29th of November 2022 till the 5th of December 2022, airing educational videos on SBC two days a week, and on the 9th of December 2022, the Fair Trading Commission will conclude the outreach activities with a roadshow on Praslin.
Happy Competition Day to All!