How does international law address issues related to antitrust and competition?

International law addresses issues related to antitrust and competition by providing clear guidelines and rules for businesses to follow that limit certain competitive practices. These rules are created by international organizations, such as the World Trade Organization, and are designed to protect consumers from unfair trade practices that can lead to higher prices and less product diversity. The WTO promotes competition by regulating the activities of countries and corporations, particularly those of multinationals. Competition rules vary by country, but many countries have implemented the Agreement on the Application of Sanitary and Phytosanitary Measures (SPS Agreement) that seeks to protect consumers from unfair competitive practices. The SPS Agreement requires that countries create domestic legislation that follows international guidelines on measures such as food safety, animal health, and plant health. In addition, international organizations have drafted competition laws to improve market efficiency and consumer welfare. The Organization for Economic Co-operation and Development (OECD) has created the Competition Committee to encourage member countries to adopt competition laws that promote fair competition. For example, the OECD has put forth the Model Competition Act, which provides countries with a framework for creating their own antitrust laws. In Utah, the Federal Trade Commission (FTC) is the primary enforcement body for antitrust laws. The FTC monitors mergers and acquisitions and investigates anticompetitive behavior. The FTC also enforces the Hart-Scott-Rodino antitrust act, which aims to protect consumers from anticompetitive practices by limiting the ability of firms to merge. Overall, international law provides essential guidelines and protections to ensure that businesses follow fair competition practices. Such regulations promote consumer welfare and help create a more efficient marketplace.

How does international law address issues related to antitrust and competition?

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