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Guatemala: Government pushes for Competition Law

By  |  May 17, 2016
Guatemala: Government pushes for Competition Law

Guatemala’s government has pushed for a new Antitrust and Promotion of Competition Law to be passed by congress, with the aim of placing the country in line with global economic and commercial trends. The initiative for the Competition Law would look towards amending three articles in Guatemala’s constitution, intended at promoting economic efficiency and complying with the requirements of Guatemala’s Association Agreement with the European Union, a major trade deal.

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    Guatemala is the only Latin American country to lack a comprehensive Competition law. The economic ministry has highlighted that such a law is vital if the country is to avoid being left behind by its peers, trusting the members of Congress to allow for a swift process.

    Once Congress has approved the three amendments, the law would take the form of regulations modifying the articles enshrining Free industry, commerce and labor, as well as the obligations of the State in the promotion of economic development. These rules would prevent the creation and establishment of monopolies, allowing the government to intervene in the case of “excessive practices” that lead to a concentration of wealth and the means of production while harming consumers and society.

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