FTC pushes for stronger competition, business engagement

The Fair Trading Commission (FTC) in Trinidad and Tobago is actively working to foster competitive markets and deepen its engagement with the business community. FTC Chairman Nisha Persad emphasized that competition is not merely a regulatory issue but a crucial driver of economic growth, innovation, and national resilience.

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Competition is a vital component of a healthy market. It encourages innovation, promotes efficiency, supports entrepreneurship, attracts investment and ultimately benefits consumers through greater choice, better quality and improved value.

Persad highlighted that healthy competition encourages innovation, boosts efficiency, supports entrepreneurship, attracts investment, and ultimately benefits consumers through increased choice, better quality, and improved value. She noted that competitive markets create opportunities for new businesses and contribute to a more dynamic economy.

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Strong competition policy is therefore not simply a legal or regulatory issue, but an issue of economic development.

Speaking at a stakeholder session in Port of Spain, Persad underscored the FTC's commitment to maintaining open communication with the private sector. She stated that the commission recognizes the importance of listening and learning from businesses to better understand the opportunities and challenges they face. The FTC aims to be an accessible, professional institution guided by evidence and good governance.

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While the commission has important regulatory and enforcement responsibilities, we recognise the importance of listening, learning and maintaining open channels of communication with the business community.

Abigail Bynoe, Permanent Secretary in the Ministry of Trade, Investment and Tourism, echoed these sentiments, stressing that competition is essential for creating opportunities, especially for micro, small, and medium-sized enterprises (MSMEs). She described competition as a shared responsibility, vital for an open, transparent, and competitive market environment where businesses can thrive on merit.

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Strong competition encourages innovation, drives efficiency, rewards enterprise and helps ensure that opportunities are available to all businesses willing to compete on merit.