Table of Contents

Promoting Competition in Global Markets

Promoting Competition in Global Markets

A Multi-National Approach

P. J. Lloyd and Kerrin M. Vautier

This book sheds new light on a major issue on the international trade policy agenda – the promotion and defence of competition in globalizing markets. The authors discuss multi-national approaches to competition policy in the WTO, European Union, the Americas, OECD, UNCTAD and CER. They investigate the policy responses to anti-competitive, cross-border business transactions and argue that a growing reliance on competition law is not in itself sufficient to promote competition in globalizing markets.

Chapter 5: Closer Economic Relations Agreement

P. J. Lloyd and Kerrin M. Vautier

Subjects: economics and finance, international economics

Extract

Page 77 5—  Closer Economic Relations Agreement 1 In 1983 Australia and New Zealand formed a free trade area under an agreement known as the Australia New Zealand Closer Economic Relations Agreement  (ANZCERTA or CER for short). Free trade in goods (but not all services) was achieved between Australia and New Zealand in 1990. This ended a seven­year  adjustment period in line with the Agreement and the 1988 Review of this Agreement. CER has treated goods and services differentially. From the point of view of  promoting competition, some of the measures which have been adopted by the two countries with the effect of making goods and services markets more competitive  have been adopted unilaterally and some in the context of the CER Agreement. Policies to Promote Competition in the CER Countries In both countries the scope of policy directed at competition has been broad even if not always explicit. Competition law is but one of several instruments that has  aimed to promote competition; others include industry deregulation, privatization and the reduction of restrictions on foreign capital flows. An important connection  was made at a policy level between reducing artificial market entry barriers and enhancing the competitive process. In combination the progressive reduction in border  barriers to trade, the lessening of restrictions on the inflow of foreign capital and the microeconomic reforms have had the effect of opening up Australian and New  Zealand markets—notably to foreign investors and foreign traders, and to competition for goods and services including non...

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