BANDAR SERI BEGAWAN,(Xinhua): The Competition Commission of Brunei Darussalam (CCBD) has announced the enforcement of Section 21 and Section 23 of the Competition Act, which relate to the prohibitions of abuse of dominant positions and anti-competitive mergers, local media reported on Friday.
According to the local daily Borneo Bulletin, the Competition Act promotes and protects competition in Brunei's markets.
It also aims to promote economic efficiency, economic development, and consumer welfare.
These objectives are central to fostering a pro-business environment and a resilient economy, and are aligned with the broader aspirations of Brunei Vision 2035, which envisions a dynamic and sustainable economy that offers a high quality of life for all.
Section 21 of the act prohibits conduct by dominant businesses that restricts competition, such as predatory pricing, exclusive dealing, or other behaviour that exploits market power to limit competition or reduce consumer choice.
Section 23, on the other hand, prohibits mergers that result in, or are likely to result in, a substantial lessening of competition, particularly those that create or strengthen a dominant position in the market, which may lead to higher prices or reduced innovation. - Xinhua
