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CHALLENGES OF A COMPETITION REGIME IN A SMALL DEVELOPING COUNTRY: A BARBADOS CASE STUDY Presented By: Ms. Michelle Goddard Chief Executive Officer Fair Trading Commission Competition Policy and Small Economies Definitions of small • Population • GDP • Concentration Ratios economies Barbados • 432 sq km • 264,000 population • GDP US$2,600.4 million Fair Trading Commisison 2 Drivers of Competition Framework for Barbados Domestic Trade Reform Programme Regional Agreements e.g. Caricom Single Market and Economy, FTAA Fair Trading Commisison 3 Fair Competition Act 2002-19 Comprehensive legislation including: Anti-Competitive Agreements Mergers Abuse of Dominance Interlocking Directorates Fair Trading Commisison 4 Enforcement Challenges Fair Trading Commisison 5 Institution Building – Fair Trading Commission Role and Functions Utility Regulation Consumer Protection Fair Competition Structure Part-time Commissioners 28 members of staff across functions Significant Financial and Human Resources Constraints Fair Trading Commisison 6 Other Challenges Limits of domestic regime and extra territorial enforcement Tension between promotion of domestic rivalry and desire to achieve international competitiveness – merger control Cultural characteristics of small economies Promoting competition advocacy Fair Trading Commisison 7 Conclusion “Can small developing countries with significant resource constraints really develop effective competition regimes?” Fair Trading Commisison 8