In a step toward the proposed Free Trade Area of the Americas (FTAA), 11 Western Hemisphere countries issued a communique October 9, 1998, that calls for a higher level of cooperation across their borders for effective enforcement of competition laws and policies.

The communique recognizes the need for open and competitive markets, as well as the threat posed by anti-competitive behavior and cartel practices. It links the antitrust agreement among the 11 countries to the scheduled 2005 realization of the FTAA, which is under negotiation.

COMMUNIQUE

Panama City, Panama

October 9, 1998

Antitrust (or Competition) Enforcement Authorities of Argentina, Brazil, Canada, Colombia, Costa Rica, the United States of America, Jamaica, Mexico, Panama, Peru, and Venezuela:

Having regard to the increasing integration of the global economy and in particular the strong and increasing economic ties among their respective countries;

Recognizing that the effective enforcement of sound competition laws and policies is essential to ensure the proper operation of free markets;

Affirming that the benefits to all countries of open and competitive markets must not be compromised by anti-competitive behavior and in particular by cartel practices;

Anticipating the enhanced trade and economic integration envisioned by the negotiation of Free Trade Area of the Americas;

Express their intention:

1. To promote an authentic competition culture among the market participants in their respective countries;

2. To affirm their commitment to effective enforcement of sound competition laws, particularly in combating illegal price-fixing, bid-rigging, and market allocation;

3. To cooperate with one another, consistently with their respective laws, to maximize the efficacy and efficiency of the enforcement of each country's competition laws, and to help disseminate the best practices for the implementation of competition policies, with emphasis on institutional transparency;

4. To encourage the efforts by those small economies in the region that do not yet have solid competition regimes to complete the development of their legal frameworks; and

5. To seek to advance these principles in the Negotiating Group on Competition Policy of the Free Trade Area of the Americas.