This will be the second amendment to the Competition Act since it was created.
The main reason for this reform is to adapt standards to the government’s economic recovery plans and the imminent operation of the Public-Private Associations (APP).
"Since this is a type of economic instrument that up to now has not existed in the country, it has actually led to a fundamental change in the economy and the market, therefore, there is the need for adapting the competition scheme to come into line with this effort", said the Superintendent of Competition, Francisco Diaz, quoted by the website of La Prensa Grafica.
The reforms will have two prongs: extending the range of anticompetitive practices currently contained in the law and streamlining procedures for supervision, the paper said.
Reforms are expected to be in the presidential house next week and then will proceed to the Legislative Assembly.
Source: laprensagrafica.com
More on this topic
January 2009
In Central America it is the only country that does not have any legislation on competition
Leonel Diaz says in an article on Prensalibre.com: "The purpose of such a regulation is to prevent monopolies and companies agreeing to set prices".
"There has never been any bill to regulate competition," said Mariano Rayo, president of the Economic Commission of the Legislature."
July 2010
The Ministry for the Economy announced that it will speed up the competition bill that has been in Congress since 2008.
Guatemala is the only country in Latin America without legislation preventing monopolistic practices.
Erick Coyoy, Economy Minister, told Elperiodico.com.gt that, “the association agreement between Central America and the EU sets out that Guatemala must introduce a Competition Law within three years and standardize the legislation with other countries in the isthmus within six".
November 2008
Supermarket management criticized a project that will partially reform the Law of Consumer Defense in order to regulate competition.
The strongest criticism came from Ignacio Perez, president and CEO of Wal-Mart Centrol America, who called the plan "deficient".
The initiative affects all Costa Rica companies that are efficient and which have the ability to compete at the international level, he said.
March 2010
It is the only country in the region that lacks a law to regulate market competition, a requirement for negotiating with the European Union.
The Economy Ministry plans to send this initiative to Congress in the first half of 2010.
From Elperiodico.com.gt: “… the country will have to speed up its passing to comply with this regional commitment. The agreement with the European Union could come into force in 2012”.
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