-Minister Prashad
Minister of Tourism, Industry and Commerce, Manniram Parshad, has emphasised the need for all CARICOM states to maintain a competitive policy, and support the establishment of effective Competition and Consumer Protection commissions. This, he says, will further drive economic development through entrepreneurship, capacity-building, innovation, investment, export competitiveness and economic growth, whilst empowering consumers to play a more active role in the marketplace.
He issued the call while delivering the feature address at a seminar on Competition Policy and Law and Consumer Welfare in the Caribbean Community yesterday at the Caribbean Community Secretariat Headquarters (CARICOM), Turkeyen, East Coast Demerara.
Minister Prashad said that through the Caribbean Single Market and Economy (CSME), which is the flagship of the Caribbean Community, a single economic space will be created which will allow a more effective uitilisation of regional resources, while providing access to a market of over 14 million consumers and encouraging international standards of production.

“In time, Guyana and all Member States will have increased access to capital, skills, and other inputs from across the region, and the strengthening of the legal framework to facilitate the pooling of CARICOM resources will further enable Guyana and the Community to be more effective in international negotiations.
“This environment will also provide the platform to enable Guyana and all the Community to integrate effectively and competitively with the rest of the global economy, through creating the conditions to enable the country’s goods and services to compete and win in both intra-regional and extra-regional markets.
The economic integration of CARICOM regions and the creation of a single economy is dependent on allowing business organisations from one country to freely enter markets in other CARICOM countries; and according to the Tourism Minister, efforts to address tariff and non-tariff barriers by CARICOM are significantly assisting in this process.
He said that if a truly integrated single economy is to be forthcoming, a complementary effort needs to be made by CARICOM Member States to address issues of anti-competitive behaviour and consumer protection in countries and markets, which will allow for a more comparative advantage in each country to be further translated into competitive advantage, not only regional, but also globally.
“Competition is critical to drive firm efficiency, build firm capacity, encourage constant innovation and investment, and reward successful entrepreneurship while producing better quality goods and services for consumers,” he said.
According to Prashad, this will, in turn, drive export competitiveness and economic growth in Guyana, whilst at the same time ensure that the primary drivers of the economy, which are the consumers, are able to meet their preference.
Prashad noted that consumers, however, ultimately lose out either through higher prices, lower standards or poor service, while potential new entrants into the market also lose out from anti-competitive practices and a lack of competition.
“This is why Competition Policy is crucial. It is to ensure that the economic benefit of free markets in a single market place is maximised, through support of free competition by both domestic and regional firms.”
The Competition Policy also acts as the custodian of the free market economy, by supervising markets structures and consumer interest, and by allowing for intervention only in markets where failure exists, such as international barriers to entry, and where increased domestic and regional competition could address the failures.
Minister Prashad stated that worldwide, Competition Policy is implemented through legislations which are enforced through competition and fair trading commissions. However, in CARICOM, the Revised Treaty of Chaguaramas, which established the Caricom Single Market and Economy, created the Caricom Competition Commission and obliged each Member State to establish a national competition commission.

He however stressed that at the regional level, it is critical that the Caricom Competition Commission work closely with the national authorities to ensure that the benefits of the CSME to businesses in Guyana are not undermined by cross-national anti-competitive business practices.
At the national level, to date, Jamaica and Barbados have established and operationalised their commissions, while Belize, Suriname, Trinidad and Tobago and the Organisation of Eastern Caribbean States (OECS) are soon to prepare their commissions.
Minister Prashad however, boasted that Guyana is well advanced in this area, since Competition and Consumer Protection Policy is one of the key areas in keeping with Guyana’s National Competitiveness Strategy of 2006, and gave Government’s firm commitment to a fully staffed and operational Competition Commission which will be commenced shortly, as required by the Competition and Fair Trading Act of 2006.
He said that the office have since been allocated and is currently being furnished while the process of recruiting staff will begin shortly.
He noted that Government will continue to put measures in place to ensure that consumers’ rights are strengthened and protected and will be presenting a comprehensive and world class Consumer Affairs Bill to the National Assembly shortly, to further add substance in the area of consumer protection in market places.
Chairman of the Guyana Competition Commission, Ramesh Dookhoo, delivering remarks, stated that he fully supports the establishment of an effective Competition and Consumer Protection Commission which will augur well for development in Guyana.
Commissioner, CARICOM, Competition Commission, Dr. Barton Scotland, also lauded the initiative and pledged his commission’s continued support. He also called for more seminars of such nature to be conducted. (GINA)