Malawi observes world competition day

Malawi on Tuesday joined the rest of the world in commemorating the World Competition Day, which falls on December 5 annually.

Internationally, the day is being commemorated under the theme: “Prioritising Socially Sensitive Sectors.”

However, Malawi is observing the day under a theme: “Role of Competition in Enhancing Economic Recovery.”

In a media statement, Competition and Fair-Trading Commission (CFTC) executive director Lloyds Vincent Nkhoma says the local theme reflects the country’s recognition of the recent economic shocks.

Nkhoma says challenges posed by the COVID-19 Pandemic, Cyclone Freddy and the realignment of the local currency against foreign currencies are some of the economic shocks that have affected competition and fair trading in the country.

“Concurrently, concerns have risen regarding various anticompetitive conduct and unfair trading practices, affecting competition and innovation in various sectors.”

As part of the same commemoration activities, the CFTC will also carry out sensitisation meetings for businesses in selected districts of the country with the aim of enhancing awareness and compliance with the Competition and Fair Trading Act.

According to the Commission, the significance the day dates back to December 5, 1980, when the United Nations adopted the international standard for competition laws known as “the Set of Multilaterally Agreed Equitable Principles and Rules for the Control of Restrictive Business Practices” commonly referred to as “the United Nations Set of Principles and Rules on Competition”.

Following this development, CUTS International launched a campaign advocating for the celebration of the 5th of December every year as the World Competition Day.