SINGAPORE’S COMPETITION REGIME AND ITS OBJECTIVES: THE CASE AGAINST FORMALISM

Despite more than ten years since Competition Law was first introduced in Singapore, a clear consensus on its underlying objectives remains elusive. In this article, we put forth a normative case for why Singapore’s competition authorities should prioritise the promotion of economic welfare, as opposed to a more pluralistic approach that pursues competing objectives of equal standing. We argue that the normative bases for many of the rules in EU Competition Law are inconsistent with Singapore’s Competition regime, and that such rules are not suitable for direct importation into Singapore. In particular, we illustrate how an overt reliance on EU case law as persuasive authority has resulted in a “formalistic” approach to Competition Law, where presumptions of law allow competition authorities to infer liability upon proof of certain conduct. Henceforth, we suggest that competition authorities in Singapore should exercise considerable caution in their application of EU law in individual cases.