Over 70 undergraduates and post-graduates from the School of Business, Universiti Teknologi Brunei (UTB) attended a dialogue session on The Role of Competition Order in Economic Growth, organized by the Executive Secretariat of the Competition Commission Brunei Darussalam (CCBD), last weekend.
The session is part of the Competition Order Dialogue Series, aimed at instilling understanding on the role of competition law in economic growth and development. In addition, 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, followed by a lecture on Competition law and Economic growth delivered by Dr Hassan Qaqaya, a former Head of Competition and Consumer Policies in UNCTAD, who is currently 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 Qaqaya had also highlighted that competition law itself is not sufficient to achieve 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 anticompetitive agreements, also known as cartels are agreements made by two or more businesses to fix price; share market; limit supply; and collude tender.
The dialogue saw a very active participation among the attendees discussing matters related to the business conducts observed in the Brunei context. The session ended with presentation of the Guidelines on Business Competition handbook and Frequently Asked Questions on Competition Order leaflet, published by the CCBD.
The dialogue session in UTB marks the first advocacy among universities, as scheduled in the Competition Communication Plan, towards raising awareness of the Competition Order. The Executive Secretariat encouraged the academics and post-graduates in UTB to join the Virtual ASEAN Competition Research Centre (Virtual Centre) which serves as a platform to stimulate research on competition issues in ASEAN. The Virtual Centre can be accessed through https://asean-competition.org/research/
The Executive Secretariat of CCBD can be reached through email at firstname.lastname@example.org or call 2233344 extension 230 or 341 or 343 for any inquiries and request for briefings on the Competition Order.