How does AFAC strengthen fairness and transparency across ASEAN markets?

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AFAC Enhances Market Fairness and Transparency Through Cooperation and Governance Standards

The Asean Framework Agreement on Competition (AFAC) significantly strengthens fairness and transparency across Asean markets by establishing a robust foundation for inter-state cooperation and underscoring the bloc's commitment to high governance standards. This agreement signals to the global community that Asean is dedicated to upholding integrity within its economic landscape. The framework agreement was initiated through negotiations that commenced in September 2022 during the 54th Asean Economic Ministers (AEM) Meeting held in Cambodia, with the explicit aim of facilitating cross-border collaboration and coordination on competition policy and law (CPL) matters among member states.
Fostering Cooperation Among Competition Authorities

The AFAC is designed to create a strong framework for cooperation and capacity-building initiatives among the region's competition authorities. This collaborative approach ensures that all Asean member states are aligned and progressing collectively, preventing any nation from being left behind in the implementation of competition policies. Such cooperation is crucial for harmonising practices and effectively addressing cross-border competition issues.
Reinforcing Commitment to Governance and Integrity

By signing the AFAC, Asean member states are making a clear and firm commitment to a regional framework that actively ensures fairness, transparency, and accountability in their respective markets. This collective action reinforces the bloc's reputation on the global stage as a dynamic, trusted, and reliable economic partner. The agreement demonstrates Asean's readiness to adhere to the highest standards of governance and business integrity.
Advancing a Rules-Based Economic Order

The AFAC embodies the core Asean principles of collaboration, consensus, and resilience. It is poised to serve as a cornerstone in the advancement of a rules-based economic order throughout the region. This structure provides a predictable and equitable environment for businesses and consumers alike, contributing to greater economic stability and growth.

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How does AFAC strengthen fairness and transparency across ASEAN markets?

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