Over 70 undergraduates and post-graduates from the Faculty of Business, Universiti Teknologi Brunei (UTB) attended a dialogue session on the ‘Role of Competition Order in Economic Growth’, organised by the Executive Secretariat of the Competition Commission Brunei Darussalam (CCBD), last weekend.
The session was part of the Competition Order Dialogue Series, aimed at instilling understanding the role of competition law in economic growth and development.
The session also served to introduce competition law as a potential area of research among undergraduates, post-graduates and academia, in view of the importance of competition policy in achieving a sustainable market towards Brunei’s long-term economic vision.
The session began with an introduction on the development of the Brunei Competition Order by the Executive Secretariat of the CCBD. This was followed by a lecture on Competition Law and Economic Growth delivered by a former Head of Competition and Consumer Policies in UNCTAD Dr Hassan Qaqaya.
Dr Hassan who is a Senior Fellow at the Melbourne Law School, University of Melbourne teaching International Trade and Competition Policy.
Albeit the empirical evidence showing the correlation between implementation of competition law and economic growth, Dr Hassan had also highlighted that competition law itself is not sufficient to achieve a favourable outcome for the economy and that appropriate policies should be put in place to mitigate the costs that arise from competition, allowing every member of the society to benefit from the growth.
The session continued with the Executive Secretariat of the CCBD, providing insights on the Brunei Competition Order, specifically, on the anti-competitive agreements, which has been enforced beginning of this year.
The anti-competitive agreements, also known as cartels are agreements made by two or more businesses to fix price, share market, limit supply, and collude tender.
The session ended with the presentation of the Guidelines on Business Competition handbook and Frequently Asked Questions on Competition Order leaflet, published by the CCBD.