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 6: The Americas

P. J. Lloyd and Kerrin M. Vautier

Subjects: economics and finance, international economics

Extract

Page 101 6—  The Americas Multiple Initiatives There are a number of trade liberalization initiatives in the Americas or the so­called Western Hemisphere (see PECC, 1997c, for an excellent review). They include:  NAFTA; the Canada—Chile Free Trade Agreement; the 1990 Enterprise for the Americas Initiative, in the first year of which the United States signed a trade and  investment framework agreement with nearly every eligible Latin American country; the Southern Common Market (MERCOSUR), the largest of the South American  regional groupings, covering Argentina, Brazil, Paraguay and Uruguay, with Chile and Bolivia as associate members and not part of the common external tariff  agreement; the Andean Community, comprising Bolivia, Colombia, Ecuador, Peru and Venezuela; and the Group of Three, comprising Colombia, Mexico and  Venezuela. All these, except the Enterprise for the Americas Initiative, contain chapters or protocols relating to competition policy or law. We shall consider these  agreements. Each of the Latin American groupings has an interest in trade and investment liberalization and economic integration. Of most potential significance is the proposed Free Trade Area of the Americas (FTAA). 1  This would result in the world's largest regional trading arrangement,  involving over 30 countries and over 700 million people. In their third joint Declaration (1997), Ministers Responsible for Trade agreed that countries may negotiate  and join the FTAA individually or as members of a sub­regional integration group negotiating as a unit. We also look at the 'competition policy' aspects of this  initiative. The structure of this chapter is...

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