TPP members to ensure framework of fair competition in region

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Source: The Malay Mail Online

tppa_graphic_bahasa_101015KUALA LUMPUR, Nov 5 — The Trans-Pacific Partnership parties will ensure a framework of fair competition in the region through rules that require the parties to maintain legal regimes.

This includes prohibiting anti-competitive business conduct, as well as fraudulent and deceptive commercial activities that harm consumers.

According to the final text of the TPPA, released today by the Ministry of International Trade and Industry (MITI), it said the TPP parties have agreed to adopt or maintain national competition laws that proscribe anti-competitive business conduct and work to apply these laws to all commercial activities in their territories.

“To ensure that such laws are effectively implemented, TPP parties agree to establish or maintain authorities responsible for the enforcement of national competition laws, and adopt or maintain laws or regulations that proscribe fraudulent and deceptive commercial activities that cause harm or potential harm to consumers,” it said.

It said the parties agreed to cooperate on matters of mutual interest related to competition activities. 

The TPP parties have agreed to cooperate in the area of competition policy and competition law enforcement, including through notification, consultation and exchange of information, it said.

After five-and-a-half years of talks, Malaysia, Australia, Brunei Darussalam, Canada, Chile, Japan, Singapore, Mexico, New Zealand, Peru, US and Vietnam concluded talks for the TPP on Oct 5 in Atlanta, Georgia (US).

Minister of International Trade and Industry, Datuk Seri Mustapa Mohamed, in a statement today, said the TPP text would be tabled in the Dewan Rakyat early next year for debate. — Bernama