Fair Trade Authority Curaçao
The Fair Trade Authority Curacao (FTAC) is the independent competition authority of Curaçao. The FTAC stands for free and undistorted competition. This means that competition between companies is not hindered, restricted or distorted and that new firms can enter the market without unnecessary barriers. In an competitive market, companies do their utmost to meet the wishes of consumers. This leads to lower prices, more choice, higher quality and new innovative products and services. The consumers of Curaçao therefore benefit from this.
Companies also benefit from the new competition rules. For example, as customers of other companies they have an interest in lower purchase prices. As a result, they can produce cheaper and increase their chances of exporting. This makes Curaçao a more interesting country for investors. This is ultimately good for the employment on the island.
Under the National Ordinance on competition [in Dutch: Landsverordening inzake concurrentie], the FTAC has been set up to monitor and, if necessary, enforce the rules for free and undistorted competition. The new rules of the National Ordinance on Competition will apply as of 1 September 2017. The FTAC will take action against companies that hinder, restrict or distort competition.