Da Nang, Vietnam

CAMBODIA will wait to introduce new competition laws that could result in legal action being launched against domestic companies, Minister of Commerce Cham Prasidh said yesterday.

The Kingdom will wait until next year to consider whether to implement legislation, despite having “almost finalised” a draft version, he said.

The Association of Southeast Asian Nations issued regional guidelines on competition policy yesterday, illustrating international best practice.

Vietnam’s Industry and Trade Minister Vu Huy Hong said yesterday: “It is necessary to create a fair and transparent competitive environment in order to support enterprises as well as attract foreign investment.”

Surin Pitsuwan, ASEAN’s secretary general, said in a press release that the guidelines would lay the foundation for a competitive ASEAN community.

But Cambodia’s senior officials said that the Kingdom would not rush into anything. “We are trying to educate our local companies. But when we are still weak, we will lose under this law,” said Cham Prasidh at the 42nd ASEAN Economic Ministers Meeting.

“Foreign companies would put pressures and sue our local companies as they have not complied well on this issue,” he said. Cambodia Chamber of Commerce director general Nguon Meng Tech agreed that Cambodia could lose out.

ASEAN member states have until 2015 to comply.