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The main priorities set by the Minister of Economy revolve around the obligations of the country and the region, the agreements reached with the European Union, which refer to integration of the isthmus and in particular customs and promoting market competition.
In an interview with Minister Coyoy, Business and Industry Magazine says the Minister of Economy discusses the scope of the competition law he promotes.
"There is a commitment to promoting competition in the markets. The region´s challenge is to match national laws in order for the European investor not to find differences between the countries. Guatemala is the only country which has no competition law and therefore, has less time to adjust. At the moment we plan the initiation of an analysis phase, diagnosis and review of experiences from other countries.
What are the basic points to regulate in a Competition Law? Would it be an Antitrust Law? What is sought is to impose limits to prevent abuses in the markets.
Source: revistaindustria.com
More on this topic
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".
September 2011
In order to avoid paying penalties after a merger it is possible to obtain endorsement of the operation from the Commission to Promote Competition (COPROCOM).
A statement from the COPROCOM reads:
In Costa Rica, unlike most countries with greater developments in Competition Law, control of concentrations is provided for after the event, ie, once the transaction has occurred.
March 2011
Six of the seven sugar mills operating in Honduras were fined a total of $ 3.2 million for monopolistic practices.
These are Chumbagua mills, CAHS, Yojoa, Choluteca, La Grecia and Tres Valles.
Elheraldo.hn published, "The penalty responds to violations of the Competition Law, specifically regarding Article 5, paragraph 1, which prohibits contracts, agreements, concerted practices, combinations or arrangements between competitors or competing operators with the purpose of establishing prices, fees or discounts."
October 2008
A law regulating monopolistic behavior received yesterday the initial approval in Congress, despite the dissatisfaction of business groups.
Members of the Committee on Economic Affairs ruled the project called 'Competition Promoting Act', which create the Commission for the Promotion of Competition (COPROCOM) and powers it to confiscate business documents, if authorized by a judge.
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