The lack of a competition law in Guatemala could expose the country to sanctions from the European authorities, since it is a requirement demanded in the regulations of the Association Agreement with the European Union.
Since the end of 2016, the Association Agreement (AdA) required Guatemala to have a law on the matter, since in 2019 a Central American competition authority would have to be created.
The Association Agreement with the EU will involve the creation of a regional body for the implementation of regional competition policies.
From the newsletter of the Costa Rica’s Commission to Promote Competition (COPROCOM):
The single market is one of the greatest achievements of the European Union. They have gradually been eliminating restrictions on trade and competition between Member States, which has resulted in an increase in living standards. This same challenge now faces the Central American region, and the authorities responsible for regulation will play a crucial role in ensuring success.