Tougher Trade Competition Act due 2017
THE Commerce Ministry expects the amended version of the Trade Competition Act to come into force by the middle of next year, with its provisions aimed at ensuring fair play and controlling bad business behaviour.
Following the Cabinet’s approval of the draft law on Tuesday, the bill will soon pass to the National Legislative Assembly for ratification, followed by announcement in the Royal Gazette for implementation next year.
Nuntawan Sakuntanaga, director-general of the Internal Trade Department, said Wednesday that the ministry was confident that the new law would help prevent unfair practices among businesses, encourage the conduct of business based on fair practice, and promote more investment in the country.
After the law is implemented, members of a new independent body free of political intervention will be nominated by representatives of all involved sectors – including government agencies, private organisations and academics – to handle complaints related to competition.
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