Amended Trade Competition Act ready for Cabinet scrutiny
A draft amendment of the Trade Competition Act, aimed at making it more efficient and free of political interference, will soon be proposed to the Cabinet, Deputy Commerce Minister Apiradi Tantraporn said.
She said the amended act would better prepare the country for regional integration in the Asean Economic Community in which business competition is expected to increase along with more mergers and acquisitions.
Boonyarit Kalayanamit, director-general of the Internal Trade Department, said the draft amendment had gone through the public-hearing process and had been approved by Commerce Minister Chatchai Sarikulya.
The draft will be proposed to the Cabinet later this month, and then passed on to the National Legislative Assembly. The amendment should be in force by the end of this year.
Previously, the draft had been scheduled for completion in June, but was delayed.
Under the amended act, the trade competition committee will become an independent body free of political intervention similar to the agency that currently regulates the insurance industry.
The amended act will cover all state enterprises and their subsidiaries that are involved in business activities.
It will also shorten the investigation period for suspected violations of the rules. Under the current law, a subcommittee has to be set up to investigate each case, a time-consuming procedure, but the new law will allow officials to work on the case immediately.
The officials assigned to investigate each case will have full authority to summon witnesses or ask for documentation, the same as officials from the Department of Special Investigation.
The proposed new committee will also be empowered to order enterprises found to be conducting unfair practice to cease and desist, and to punish wrongdoers.
