Speech by SMS Low Yen Ling at the 11th ASEAN Competition Conference

Distinguished Guests,

Ladies and Gentlemen,

Introduction

1.             A very good morning to everyone. It is my privilege to be here at the 11^th ASEAN Competition Conference.

A New Era for Competition Policy in ASEAN

2.             In recent years, the global economy has faced numerous unprecedented challenges, including disruptions caused by the pandemic, as well as pressures from geopolitical tensions and rising trade barriers. These mounting forces have reshaped international trade patterns, disrupted multilateral trading systems, and exposed the vulnerabilities of Global Value Chains or GVCs.

3.             Given our interconnected global economic systems, no single nation can address these market disruptions in isolation. The cross-border nature of these challenges has demonstrated that stronger bilateral and regional cooperation is not merely beneficial, but absolutely essential. This is where effective competition policy across the region is critical for navigating these turbulent times – to promote price affordability, market efficiency, and business innovation.

4.             This brings us to the theme for this year’s competition conference: “A New Era for Competition Policy in ASEAN”. The theme reflects our collective ambition to reshape ASEAN’s economic landscape by leveraging competition policy and enforcement to build a more resilient and inclusive ASEAN economy at every level, particularly for Micro, Small, and Medium Enterprises (MSMEs).

5.             Over the next two days, conference participants will explore how competition policy and enforcement can be harnessed to build a more resilient and inclusive regional economy. The conference will also examine strategic approaches to ensure that the benefits of globalisation and regional integration are equitably distributed across ASEAN member states, fostering sustainable economic growth and development.

 Signing of the ASEAN Framework Agreement on Competition

6.             ASEAN member states have long recognised the importance of competition in our markets. In 2007, the ASEAN Economic Ministers endorsed the establishment of the ASEAN Experts Group on Competition or the AEGC for short, to be responsible for competition policy and law matters within ASEAN.

7.             Since then, ASEAN has been committed to ensuring markets function well under competition. I am glad that we have made substantive collective progress. The formal signing of the ASEAN Framework Agreement on Competition (AFAC) at the 57^th ASEAN Economic Ministers’ (AEM) Meeting earlier this week in Kuala Lumpur, Malaysia, exemplifies our joint commitment.

8.             Following the negotiations at the 54th AEM in 2022, the AFAC has sought to enhance the capacity of ASEAN member states to address anti-competitive activities by fostering a fair and competitive business environment.

9.             It also aims to elevate the quality of ASEAN competition policies and laws by building on existing competition provisions in the current ASEAN Agreements, such as the Regional Comprehensive Economic Partnership (RCEP) Agreement, and the Agreement Establishing the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA).

10.           With the establishment of the AFAC framework, competition law regimes across ASEAN will be more rigorous, consistent and transparent. Businesses in regional markets can compete on a level playing field under safeguards against anti-competitive practices. Our regional cooperation through the ASEAN Experts Group on Competition (AEGC) and enforcement activities will enable more effective investigation of anti-competitive conduct across borders.

Strengthening Competition Enforcement in ASEAN

11.           As we develop harmonised competition frameworks across ASEAN, we must also remember that regulation is as necessary and important as its enforcement. To realise the full benefits of competition policy, we need consistent, coordinated enforcement across our member states.                                 

12.           Besides bilateral cooperation among ASEAN members, we are also strengthening our competition frameworks through partnerships with key trading partners. For example, the recently upgraded ASEAN-China Free Trade Agreement and the ongoing ASEAN-Canada Free Trade Agreement negotiations demonstrate our commitment to building robust, coordinated enforcement mechanisms across the region. These partnerships not only enhance our individual capabilities but also create a more predictable and level playing ground for businesses operating across multiple jurisdictions.

13.           It is heartening to note that ASEAN members have individually made significant progress in this area by concluding several MOUs (memorandums of understanding) on bilateral cooperation in enforcement. Some members have also taken a tougher stance on businesses engaging in anti-competitive practices.

    1.     For instance, in February 2025, the Philippine Competition Commission (PCC) signed an MOU with the Competition Commission of Thailand (TCCT) to strengthen cross-border collaboration in competition law enforcement. In the same month, the PCC similarly signed an MOU with the Cambodia Competition Commission (CCC) to enhance cooperation in competition law enforcement to foster fair and competitive markets in both countries.

    2.     The Competition Commission of Brunei Darussalam (CCBD) has also announced the enforcement of Section 21 and Section 23 of its Competition Act, which relate to the prohibitions of abuse of dominant position and anti-competitive mergers.

 CCCS’ AI Markets Toolkit

14.           Beyond multilateral and bilateral efforts, we must also evolve and develop creative and innovative solutions in this digital era. Given the dynamic nature of digital businesses, conventional compliance programs may need to be adapted to address potential competition concerns adequately.

15.           I am excited to announce that the Competition and Consumer Commission of Singapore (CCCS) will be releasing the AI Markets (AIM) Toolkit at this conference. Developed in collaboration with the Infocomm Media Development Authority (IMDA) of Singapore, the AIM toolkit is a voluntary self-assessment tool that helps businesses ensure that their AI models and practices are pro-competition and pro-consumer.

16.           The tool strikes a balance between innovation and regulatory compliance, fostering sustainable AI growth while creating a trusted environment that discourages anticompetitive practices to protect consumer interests. Businesses will be better equipped to identify potential competition and consumer protection issues early. This minimises their risks of engaging in anticompetitive or unfair trade practices.

17.           I urge businesses developing or deploying AI to consider adopting the AIM toolkit in their day-to-day business operations.

Conclusion

18.           Competition is a key driving force in keeping prices affordable. As documented in a 2022 OECD report on Competition and Inflation, many studies have demonstrated that increased competition can lead to lower inflation. When competition and markets function effectively, businesses are incentivised to operate more efficiently, and as a result, consumers benefit from competitive prices that help keep daily expenses manageable.

19.           As we continue to champion competitive markets and remove barriers to fair competition across ASEAN, our efforts will enhance our region’s Global Value Chain resilience. This can generate up to US$540 billion in net economic value and create 12 million new jobs by 2030. With our sustained commitment to competition policy and enforcement, we can build a stronger, more competitive and resilient ASEAN that benefits all our citizens.

20.           On this note, I wish you meaningful discussions and exchanges at the conference. Thank you.