RELATIONSHIP BETWEEN COMPETITION LAW AND INTERNATIONAL TRADE

Regulation of anticompetitive arrangements that impede development and reduce the well-being of individuals are critical components of the global framework for combating anticompetitive arrangements. Such legislation and policy is now widely acknowledged in both rich and developing countries, and its importance is growing. If cartels, abuses of dominant position, and mergers are allowed to continue unchecked and result in a lack of competition on the merits of the market, competition law is designed to dissuade them. Despite the significant progress made in recent years toward promoting international cooperation and convergence in competition policy, primarily through the International Competition Network (ICN), an informal network of competition authorities, there are still significant challenges ahead as globalisation continues to deepen and broaden its reach. It is for these reasons that the present study considers the necessity for additional coordinating mechanisms in order to manage the problems posed by an increasingly worldwide and networked economy. Several international initiatives have been launched in awareness of the basic complementarity between competition and trade policy, with the goal of formalising their interrelationships and better harnessing the synergies that result from this complementarity. As of this writing, none of these approaches has resulted in a legally enforceable framework that ensures a more effective application of competition policy in the context of international trade and investment. The relationship between competition law and international trade is the subject of this study, which was written by researchers.