Fair Trading Commission Engages Stakeholders On Competition Policy
Competition is a key ingredient for a healthy economy, driving innovation, improving quality and giving consumers more choice.
Those were among the themes highlighted at a stakeholder sensitisation session hosted by the Trinidad and Tobago Fair Trading Commission (TTFTC), where business leaders and regulators discussed the role of competition in building stronger and more resilient markets.
Held under the theme « Embracing Competition, Building Stronger and More Resilient Markets », the session focused on promoting transparent and competitive markets, encouraging investment, protecting consumers and supporting national economic development.
Acting Permanent Secretary in the Ministry of Trade, Investment and Tourism, Abigail Bynoe, said that competition creates a more level playing field.
« Strong competition encourages innovation, drives efficiency, rewards enterprise and helps ensure that opportunities are available to all businesses willing to compete on merit. This is particularly important for Micro, Small and Medium Enterprises. MSMEs are a vital pillar to our economy, creating employment, generating innovation and contributing significantly to national development. »
Ms Bynoe noted that maintaining a competitive business environment requires the participation of all stakeholders.
She emphasised that responsibility extends beyond regulators to businesses, consumers and government alike.
« Competition policy is not solely the responsibility of the Commission. Businesses, you here in the room, and the respective business associations have a role to play. Professional advisors have a role to play, consumers have a role to play and government has a role to play. This is why stakeholder engagement is so important. »
Monday’s stakeholder engagement session at the TTFTC’s office at Nicholas Towers was the first since the appointment of the new board.
TTFTC Chairman Nisha Persad said meaningful engagement with stakeholders is essential to developing effective policies and to ensuring regulations remain responsive to the needs of the business community.
« We want to hear from you. We want to better understand the opportunities and challenges facing businesses. We want to learn how we can improve our communication, outreach and engagement efforts. We also want to ensure that the Commission continues to evolve as an institution that is accessible, professional and guided by evidence and good governance. »
