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

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

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

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

5. 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

6. 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

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