Competition Law and Policy relates to matters of competition and competitiveness so that the goods and services are sold at competitive prices and that the consumers have choice as to products they wish to purchase. Competition would also be a matter of larger application—that of overall governance and development of economies, that of better regional and global imbalances in trade and development. Competition law also has a role to address market distortions and barriers to free trade. These distortions and barriers may be caused by geographical limitations, natural monopolies, and weak distribution networks, cartels, entry barriers, predatory pricing and oligopolies. Businesses thrive on competition, which is the critical element of the dynamic economies. The relevance of competition in the business environment also paves the way for fair business practices. It is said that in the globalization era, competition is necessary for developing countries to obtain the benefits promised by trade liberalization and privatization. However, due to the different stages of economic development in different countries, there is no one-standard approach in determining the type of competition laws or policies that may prove beneficial to all countries.
* Excerpts from my Article sent for publication in a reputed Policy magagine in India.
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