This document compiles the laws on free competition in force in the Western Hemisphere countries, in accordance with the methodology and information agreed on and supplied by the Free Trade Area of the Americas Working Group on Competition Policy at the first meeting held in Lima, Peru, May 16 and 17, 1996.
Competition policy deals with a variety of areas and aspects of a market economy system.
However, narrowly defined by the Working Group, it refers to the set of laws and regulations aimed at ensuring that national markets function correctly. A summary of these elements follows. The protection of competition is guaranteed in most of the countries in the Hemisphere. On a constitutional level, many national Constitutions promote competition with provisions related to freedom of contract, commerce and private economic initiative. Some others prohibit monopolies, except those established in favor of the state or by law, excessive concentration of economic power and abusive manipulation of prices and other market conditions.