Competition Law and Policy Key to Economic Growth – State Minister Ffolkes Abrahams

Minster of State in the Ministry of Industry, Investment and Commerce, Sharon Ffolkes-Abrahams, has cited the need to raise awareness about competition law to enhance economic growth.

“The more we are aware of the laws that protect us, the better it is for our society, for growth and economic development,” she stated.

She was speaking at her New Kingston offices Monday, July 28, at the start of a two-day regional course on competition law and policy, spearheaded by the Fair Trading Commission (FTC).

“We see this course as a critical part of the process of increasing and providing working knowledge of several key concepts and principles of competition law and policy,” Mrs. Ffolkes Abrahams stated.

She argued that the FTC, as the leading fair trading agency in the region, is well suited to help in the development of competition law and policy in other Caribbean territories.

She noted that the FTC promotes trade and competition “so that the consumers can benefit, and what we are working at is to have fair competition in the marketplace so that we can have more entrepreneurs entering…and having more opportunity to succeed.”

The two-day course will cover a number of areas such as: objectives and economics of competition law; horizontal and vertical agreements; market power assessment; abuse of dominance; administration and enforcement of competition law; and other topics.

It is targeted at regulators, attorneys, economists, and business people from countries across the Caribbean.

Mrs. Ffolkes Abrahams said that the course participants can benefit economically by “exporting” their skills throughout the region.

“With the establishment of competition authorities in other territories in the region, the demand for professionals with appropriate skill sets is likely to increase,” she stated.