Statement from Minister Champagne on the launch of the Competition Act review
OTTAWA, ON, Nov. 17, 2022 /CNW/ - The Honourable François-Philippe Champagne, Minister of Innovation, Science and Industry, made the following statement:
"Canada, like other countries, is facing record high inflation, and we must do everything we can to make life more affordable for Canadians.
"Earlier this year, I announced my intention to carefully evaluate ways to improve and reinforce the Competition Act. The first step in modernizing the Competition Act was to make the targeted improvements announced in Budget 2022. These changes addressed shortcomings in the Act and have brought Canada more in line with international best practices, including by increasing penalties for companies that contravene the Act.
"Today, with the launch of the review of the Act, I am seeking Canadians' views on broader changes to it and its enforcement framework, including changes that will help the Competition Bureau better protect consumers and the integrity of the marketplace.
"As the objective is to ensure that our competition law remains fit for purpose in a modern economy that continues to evolve quickly, the review will look at ways to improve all the key areas of the competition framework, including:
- the scope of the Act;
- enforcement methods and corrective measures set out in the Act; and
- the improvement or reinforcement of competition policy in increasingly digital and data-driven markets.
"This consultation is a critical step in achieving our government's commitment to improve competition and affordability for Canadians. This is why we welcome all comments providing perspectives or evidence concerning these issues, and options to improve the Act. Canadians can make written submissions online and have until February 27, 2023 to do so. A series of roundtables will also be held with a variety of stakeholders to ensure we hear diverse views. The comments collected will help inform the next steps, including potential changes to the law.
"Maintaining an effective and up-to-date competition law is key to building a growing and innovative economy, which will result in not only more competitive prices and product choices for Canadians but also fair markets for workers and businesses."
Making Competition Work for Canadians: A consultation on the future of competition policy in Canada
The Future of Competition Policy in Canada
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