Treasurer Patrick Pruaitch has recently announced the release of two papers on a review to improve “consumer and competition environment for Papua New Guinea”.
The review commenced in 2014 and is expected to be completed by 2016 and a report presented to the Government for appropriate action.
The papers are entitled “Consumer Protection and Fair Trading” and “Regulated Industries”.
Pruaitch said the Consumer and Competition Framework Review is part of the Government’s ambitious reform agenda which will continue throughout 2016.
He said the issue papers seek views of stakeholders on various issues.
He explained that such views would help the Government to better understand the challenges and concerns confronting both businesses and consumers.
He further encouraged stakeholders to read the papers and to provide any comments they may have on the various issues raised.
Pruaitch explained that the review is part of the Government’s plan to ensure that PNG has a strong regulator which has the tools to enforce the competition and consumer protection law so that markets operate competitively, and ethical traders, small businesses and consumers are not treated unfairly, misled or deceived.
He said that the review together with the Financial Services Sector Review which he launched in July 2015, and significant transparency and governance reforms currently being implemented, will arm the Government with a program for reform that will improve the environment for PNG businesses, both private and public into the future.
He emphasised that the Government remains committed to developing an environment that is conducive to private sector development, including through encouraging innovation and supporting competitive markets.
Comments on the two issues papers are due by May 16, 2016.
Following consideration of all the submissions a draft report will be released for comment.