Belize has initiated a significant regional collaboration by hosting a three-day workshop in Belmopan, bringing together international experts to address competition regulation within the CARICOM Single Market and Economy. The event focuses on establishing robust frameworks to supervise business practices and foster healthy market competition across telecommunications and other essential sectors.
Senior trade economist Berisford Codd emphasized the consumer protection aspects of the initiative, stating that comprehensive regulations would prevent corporate abuse of market dominance. “This ensures we implement laws and regulations to maintain market fairness for all Belizeans,” Codd explained. He highlighted that effective oversight leads to improved pricing, greater consumer choice, and enhanced innovation among businesses rather than market consolidation.
Notably, most CARICOM member states already maintain competition laws, though Belize remains in the development phase of creating its national framework designed to integrate seamlessly with regional standards. The workshop is led by David Miller, Executive Director of the Jamaica Fair Trading Commission, who underscored the critical nature of telecommunications in modern society. “Telecoms have become essential services, comparable to electricity, water, and utilities. They are fundamental to daily life, operations, and business activities,” Miller asserted.
The timing of these regulatory discussions coincides with ongoing debates surrounding Belize Telemedia Limited’s proposed acquisition of Speednet (SMART). Critics contend that this merger would establish a telecommunications monopoly, prompting Prime Minister John Briceño to intervene. The Prime Minister has instructed a temporary pause in acquisition discussions and requested the Public Utilities Commission to conduct a thorough review of the potential market implications.