Guatemala: Competition Law Goes Ahead

After making more than 40 amendments to the previous project, the legislative commission will be presenting a proposal and expects the process to move forward without further modifications.

Tuesday, March 20, 2018

The Economy Commission of the Congress of the Republic reported that they presented a second opinion on the Competition Law initiative, and took the opportunity to explain that among the parties that participated in the work room, they agreed that the topic will be addressed in a single reading and no last minute amendments will be presented.

Regarding the bill that they hope to be approved, the president of the Congress Economy Committee, Carlos Barreda, told Elperiodico.com.gt that "...'It seeks to modernize the Guatemalan economy and increase competition which will favor the demands of trade agreements.'"

The article reports that " ...Among the articles approved, highlights include the issue of certain prohibitions such as agreements, behaviors, contracts, agreements, decisions or concerted practices between two or more economic agents. Another section includes the creation of a Superintendence of Competition, which will be the entity in charge of the defense and promotion of free competition, prevention, investigation and punishment of anti-competitive practices." 

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