Participants during Pacific Conference of Finance and Investment at the Fiji National University Nasinu campus yesterday. The three-day conference ends today. Photo: RONALD KUMAR
By RANOBA BAOA
While Fiji’s current competition law is seen as balanced, there was still room for improvement, says a legal advisor.
Norton Rose Australia partner, Dr Marty Taylor, made these comments yesterday on day two of the Fiji National University’s Pacific Conference on Finance and Investment.
The three-day conference at the Nasinu campus ends today.
Norton Rose is a leading international law firm with offices in Europe, Asia, Australia, Canada, Africa, the Middle East and Latin America.
Dr Taylor said: “Competition policy recognises that markets are imperfect thus a need to regulate is necessary to correct instances of market failure.
“I think Fiji’s adopted quite a good balance now.
“The law is a high quality goal which already is adjusted to Fiji’s unique circumstances and the Fiji Commerce Commission is doing a good job but it still needs close monitoring.
“There are specific adaptation components we need to make to the law that reflect Fiji’s unique circumstances, including higher domestic market concentration and then how commercials can contribute to those factors.”
Tailoring competition
Dr Taylor believes that competition can be tailored in developing economies given its suitability.
“Competition can be tailored in different thresholds and different management application regulations can be factored into that by promoting investment services,” he said.
“This can be done by introducing guidelines and greater domestic market concentration.”
Being vigilant
In response to Dr Taylor’s presentation, Fiji Commerce Commission chairman Dr Mahendra Reddy said: “Competition law, competition economics, competition policy is very critical not only for smaller economies, but also for developing countries in Australia.
“We are a very small economy and most sectors you will see operate in monopolies and all of them are trying to see what the shortest way of making meaningful gains.”
He said because Fiji is a very small economy with monopolies in some sectors, there needs to be more vigilance.