The Future of Asian Competition Law - A Proposal for Modernisation -
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Competition regimes in the Asian developing countries have highlights several elements in the adoption and modernisation of their competition laws. For example, the recent adoption of competition laws in the Philippines and Hong Kong demonstrates the importance of competition legislation in the global market. Despite the importance of competition law, it appears that the implementation of competition rules in Asia has been dormant. In effect, most competition regimes in the Asia-Pacific region have focused on public enforcement; when competition agencies are not enthusiastic in the application of their competition laws, it is difficult to establish a sound competition regime. Therefore, although numerous Asian countries have adopted competition laws to prevent monopolistic practices, it is time to discuss the further development of competition law and policy in Asia through a substantial modernisation of their competition law. In addition, competition law is the engine for ensuring the economic freedom of individuals, which is critical in Asian developing countries. Moreover, ideas for the localised harmonisation or legal globalisation for the development of public enforcement have become the guardian of free trade in the region. Considering the importance of effective enforcement of competition laws in Asia, the Korean competition authorities should play an essential role in this coordination because they have dealt with various issues of competition law and have produced abundant case law. Therefore, this article aims to discuss various factors that influence the development of a competition regime, and one of the important elements in its progression is for enforcement agencies to carry out enthusiastic efforts in the early stage of its development, thereby improving the competition culture in the country. This article further argues that the competition regimes in Asia cannot improve their implementation overnight; it may take some time for modernisation to occur.
Abstract
Competition regimes in the Asian developing countries have highlights several elements in the adoption and modernisation of their competition laws. For example, the recent adoption of competition laws in the Philippines and Hong Kong demonstrates the importance of competition legislation in the global market. Despite the importance of competition law, it appears that the implementation of competition rules in Asia has been dormant. In effect, most competition regimes in the Asia-Pacific region have focused on public enforcement; when competition agencies are not enthusiastic in the application of their competition laws, it is difficult to establish a sound competition regime. Therefore, although numerous Asian countries have adopted competition laws to prevent monopolistic practices, it is time to discuss the further development of competition law and policy in Asia through a substantial modernisation of their competition law. In addition, competition law is the engine for ensuring the economic freedom of individuals, which is critical in Asian developing countries. Moreover, ideas for the localised harmonisation or legal globalisation for the development of public enforcement have become the guardian of free trade in the region. Considering the importance of effective enforcement of competition laws in Asia, the Korean competition authorities should play an essential role in this coordination because they have dealt with various issues of competition law and have produced abundant case law. Therefore, this article aims to discuss various factors that influence the development of a competition regime, and one of the important elements in its progression is for enforcement agencies to carry out enthusiastic efforts in the early stage of its development, thereby improving the competition culture in the country. This article further argues that the competition regimes in Asia cannot improve their implementation overnight; it may take some time for modernisation to occur.
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