Harmonised competition laws needed for stronger Asean integration: Lim Hng Kiang

Asean member states need to harmonise competition laws of each member state as far as possible to foster stronger integration.

Competition promotes efficient markets and productivity in the Asean region, said Minister for Trade and Industry Lim Hng Kiang.

The minister was speaking at the third Asean Competition Conference held on July 4 at Raffles City Convention Centre.

To date, half of the ten Asean countries, including Singapore, have competition laws in place, with the remaining countries making good progress in establishing national competition laws by 2015, he added.

"A systematic set of competition rules at the regional level is equally important to oversee increasingly complex and cross-border business activities, and provide effective protection against possible restrictive anti-competitive business practices of transnational business entities," said Mr Lim.