Is competition law essential to achieve competition policy objectives? The quiet revolution suggests YES.

Singapore and Hong Kong- contrary views? Hong Kong – no generic competition law, but many pro-competition measures Singapore – introducing competition law

What is competition policy? Making markets work better Efficiency Fairness Broad definition includes many public policies

Trade liberalisation and de-regulation not sufficient Non-tradables Non-liberalised sectors Lack of import response

Advantages of competition law Applies broadly – less distorting Reduces scope for corruption Problem of international cartels – countries without competition law targeted more Provides a focus for pro-competition measures – privatisation – regulated sectors

Conclusions Policy measures without competition law help create a competitive environment But there will be gaps which competition law can fill Effective competition policy requires a competition law

Advantages of competition law Applies broadly so less distorting Reduces scope for corruption Problem of international cartels