The Competition Commission of Brunei Darussalam (CCBD) will enforce the Competition Order to prohibit anti-competitive agreements also known as cartels on Jan. 1, 2020.
According to a statement from CCBD at the Department of Competition and Consumer Affairs in the Department of Economic Planning and Development at the Ministry of Finance and Economy, anti-competitive agreements are those made between two or more businesses involving price-fixing, market-sharing, supply control or bid-rigging.
These agreements will be treated as illegal, due to their detrimental effects when businesses act together, leaving consumers with less or no choice to choose from in the market.
The CCBD said enforcement of the Competition Order is aimed to foster healthy competition in the economic landscape of Brunei, consistent with the long-term economic goal of achieving a dynamic and sustainable economy, as outlined in Brunei Vision 2035. Developing a competitive market is one of the key building blocks to create an ecosystem that encourages business opportunities, leading to consumer benefits and economic growth.
The Competition Commission underscores that the key principle in competition law compliance is essentially for business entities to act independently and free from collusion. Businesses are to compete to win their consumers by offering their best in terms of goods, services and prices.
Source: China ASEAN Business Council