Fair Trade Commission gets 13 merger applications

THE TT Fair Trade Commission (TTFTC) has received 13 merger applications over the past year, according to its executive director Bevan Narinesingh.

At a virtual meeting with key regulators last Friday, he said the applications included industries in energy and energy services, aviation, pharmaceuticals/health care, transportation, real estate, and information technology and communications.

Narinesingh, while highlighting the achievements of the organisation, also urged regulators to continue to forge a stronger and more resilient relationship with the TTFTC in order to enhance co-operation, collaboration, and commitment in competition law and policy.

Also addressing the members was chairman Dr Ronald Ramkissoon, who said there was a need and a call for regulatory agencies to exercise fair business practices, inclusiveness, and fair competitiveness with both the public and private sectors.

He said covid19, both locally and internationally, has opened the doors for committed collaboration, cooperation, and following best practices with respect to competition and fair business practices consistent with each regulator’s governing legislation.

Ramkissoon urged regulators to ensure that their behaviours were not harmful to the consumer nor adversely affected the cost of doing business.

Attending the meeting were governor of the Central Bank Alvin Hilaire, procurement regulator and chairman of the Office of Procurement Regulation Moonilal Lalchan, and chairman of the Regulated Industries Commission (RIC) Dawn Callender.

The Office of Procurement Regulation ensured the attendees were updated on its role and functions, the Central Bank explained its role in anti-competitive issues and market conduct supervision to promoting an efficient and fair banking and financial services market.

The RIC highlighted its challenges in regulating the utilities sector and the Telecommunications Authority of TT provided an account of its handling of competition in the telecommunications and broadcasting industry.

Other regulators, agencies and ministries participated in the forum including the TT Securities and Exchange Commission, Intellectual Property Office, TT Bureau of Standards, the Consumer Affairs Division, Ministry of Trade and Industry and the Ministry of Energy and Energy Industries.