The objective of competition laws is to contribute to the overall welfare and sustainable economic growth by promoting market conditions in which the nature, quality and price of goods and services are determined by competitive market forces.
With increasing globalization and widespread adoption of the market economy, there has been a marked rise in the adoption of competition laws by States, spreading gradually from developed economies to other parts of the world. As liberalization progresses and takes hold in more States, the traditional concept to ensure fair competition tend to gradually give away to the application of competition laws, particularly in cases where States have agreed to an open competition system.
