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Dear Chairperson and Members of
the Commission for the Protection of Competition,
Dear Rector of the University
of Cyprus,
Dear Representatives of the
Directorate-General for Competition of the European Commission and National
Competition Authorities,
Ladies and gentlemen,
It gives me great pleasure to
be joining the distinguished guests attending today’s conference on recent
developments in Competition Law, co-organised by the Commission for the
Protection of Competition of the Republic of Cyprus and the University of Cyprus.
The recent health and geopolitical crises and the subsequent problems created
in world markets certainly highlight the crucial importance of fair trade and
competition and the need for an effective implementation of the Competition
Law for the benefit of both businesses and consumers.
Governmental responses to the
emerging conditions of international instability have been varied, but, more
or less, all pointed to actively supporting the competitiveness and viability
of national economies. Only recently, the Cypriot government approved a new
package of support measures, raising the total budgeted to this end to €256
million within one year of governance. These measures aim at supporting
households and businesses whose incomes have been affected by the crises and
inflationary pressures, with an emphasis given to reducing electricity cost,
lowering taxation on transport and heating fuels, and applying a zero VAT
rate on 11 basic consumer products. The government is particularly sensitive
to maintaining and improving the living standards of our fellow citizens and
will continue to support those in need, within the context of sustainable and
balanced public finances and the viable development of the Cypriot economy.
It is in this regard that
preserving and promoting fair competition practices in the market is a
driving force for growth, as it ensures a level playing field for businesses
while guaranteeing quality, choice, and fair pricing for consumers.
The importance that the
European Union places on fair competition is reaffirmed by Directive 1 of
2019, which empowers National Competition Authorities to enforce Competition
Law more effectively and ensure the smooth functioning of the Internal
Market. The Directive establishes rules to ensure that Competition
Authorities have the necessary guarantees of independence, resources and
enforcement powers for the effective application of Articles 101 and 102 of
the Treaty on the Functioning of the EU in order to prevent distortions of
competition in the market and protect businesses and consumers from
disadvantageous positions. The recent enactment of the Protection of
Competition Law of 2022, focuses on the strength of the Commission for the
Protection of Competition, through vesting with the necessary guarantees and
enforcement powers.
In 2022 and 2023, the overhaul
of the European Commission’s competition policy progressed steadily. A new
Vertical Block Exemption Regulation entered into force and new Guidelines on
sustainability agreements of agricultural producers were also published,
modernising the old rules and providing more clarity. Undoubtedly, the recent
approval and implementation, by the European Commission of the Digital
Markets Act is also of significant importance. This Regulation, the
provisions of which will be transposed to national law on the Protection of
Competition, is a crucial tool in the hands of the European Commission to
regulate the effects of market digitalisation on fundamental rights,
competition, and, more broadly, European societies and economies. Innovation
entities and technology startups will have new opportunities to compete and
innovate in the online platform environment, while consumers will have access
to more and better services and fair prices.
Now the European Commission is
planning to review Regulation 1/2003 on the implementation of the rules on
competition laid down in Articles 101 and 102 of the Treaty.
In these new working
conditions, the Ministry of Energy, Commerce, and Industry, having the
responsibility of consumer protection, closely monitors the market and
maintains continuous collaboration with the Commission for the Protection of
Competition and all relevant entities, with an eye to preventing market
distortions, anti-competitive practices, or abuses of dominant positions in
Cyprus.
As such, I look forward to the
presentations and discussion to follow, thanking the Commission for the
Protection of Competition and the University of Cyprus for their kind
invitation and wishing you all a productive conference.
Thank you.
(NGian/IA)
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