SUMMARY
Summary: This study examines the implications of the development dimension for competition law and policy. The author suggests that the competition process does not run smoothly or produce optimal results in developing countries, particularly least developed countries, because of several market imperfections or other limits to competition. This would make it particularly necessary for developing countries to adopt and apply competition law and policy. At the same time Governments' main task should be to create a more favourable environment for competition. Globalization necessitated international coordination on competition law and policy and trade matters, building upon the United Nations Set of Principles and Rules for the Control of Restrictive Business Practices. The adoption of waivers or exemptions for developing countries in order to permit import substitution could be justified as second-best interim solutions required to compensate for the trade disadvantages arising from their unfavourable conditions and lack of competitiveness, as well as countermeasures against neo-protectionist behaviour in industrialized countries. But such forms of trade protection should be applied selectively, made conditional upon meeting performance standards, transparent, time-limited, degressive, involving minimum discrimination, and constantly reviewed. [English only
