TTFTC promotes fair competition, equal business opportunities, and transparent practices in Trinidad and Tobago.
The TTFTC has certain powers that enable it to carry out its functions, some of which include the power to:
Carry out investigations.
Summon and examine witnesses.
Call for, require the production of and examine documents with respect to an investigation.
Direct an enterprise to take such steps as are necessary and reasonable in the circumstances.
TTFTC and the Court
The TTFTC can pursuant to the Fair Trading Act take to court any business or individual who has been found to have been carrying on anti-competitive practices and has failed to take corrective measures. The courts can then:
Prohibit the offending conduct.
Prohibit an agreement from being made or carried out.
Order that an agreement be modified or terminated.
Prohibit any specific conditions being attached to transactions.
Prohibit the acquisition of another company or impose appropriate conditions.
Impose fines (limited to 10% of annual turnover).
Some Special Advice from the TTFTC
The TTFTC has a responsibility to do as much as possible to ensure that its policies are coherent and properly communicated. As such, it offers the following suggestions:
Do not discuss prices with competitors.
Do not agree with competitors to restrict or increase levels of production.
Do not divide customers, markets or territories with competitors.
Do not require a customer to buy products only from you, unless you get the appropriate legal advice.
Do not agree with competitors to boycott suppliers or customers.
Ensure that your practices are in accordance with the Fair Trading Act.
The TTFTC seeks to create and maintain a fairer Trinidad and Tobago for all which will be characterized by vigorous competition with the result being high quality goods and services being provided at competitive prices. The TTFTC prides itself in being a transparent and accountable agency that encourages the maintenance and promotion of free and fair competition in the conduct of business in Trinidad and Tobago.