PSDI-supported National Competition Policy endorsed by the National Executive Council in PNG
Papua New Guinea (PNG) now has a National Competition Policy, after the National Executive Council endorsed the PSDI-supported policy on 8 July 2020.
The policy aims to improve economic efficiency, promote sustainable and inclusive economic growth, and increase consumer welfare through the promotion and maintenance of fair and effective competition in all markets in PNG’s economy.
PSDI provided the Department of Treasury with a draft policy in 2017, supported a series of publics consultations during 2018, and held further meetings with the Department of Treasury in support of the bill in 2019. In the policy’s foreword, the former Ministry of Treasury, the Hon. Charles Abel MP, thanked PSDI for its support, stating that “the Government appreciates the support provided in [the development and consultation of the National Competition Policy] by the Pacific Private Sector Development Initiative.”
The creation of a national policy to articulate the Government of Papua New Guinea’s position on competition was a key recommendation in the Consumer and Competition Framework (CCF) Review. The review was initiated in 2014 at the Department of Treasury's request and had a broad scope, encompassing consumer protection, competition, economic empowerment of women, price monitoring and controls, industry regulation, and the promotion of a competitive business environment.
PSDI will now support implementation of the policy, including the development and implementation of new legislation incorporating many of the recommendations from the CCF Review. PSDI will also continue to support the Independent Consumer and Competition Commission in its work to protect consumers and promote competition in PNG.
A video covering PSDI's work developing a competition framework in Papua New Guinea can be found here.