Published On: Mon, Sep 11th, 2017

FTAC is a stimulus to economic growth

Steven MartinaWILLEMSTAD - The supervision of the Fair Trade Authority Curaçao (FTAC) on competition stimulates economic development. Because it is raising competition. More fair competition leads to lower prices, better quality and it improves the investment climate. Consumers and companies benefit from it. That fits into this government’s policy. Minister Martina, who is politically responsible for competition policy, is pleased that the FTAC began on September 1 this year.

As of September 1, the new rules for fair competition came into force and the FTAC has acquired its authority to monitor and maintain compliance with the rules. Cartels, such as agreements between competitors about selling prices or distributing customers, are no longer allowed. Also, companies that have a dominant position cannot abuse it. Major mergers and acquisitions must be reported to FTAC. Violation of the rules is punishable. Penalties may be imposed up to 10% of the turnover of a company.

Minister Martina: "Agreements between companies restricting competition and abuse of economic power are detrimental to consumer welfare, business and inhibit economic growth. Therefore they are forbidden. Like in most other countries of the world.”

 

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