COMPETITION AND THE WTO - A DEAD END

The philosophy of market access and foreign competition has given impetus to calls for the liberalization of trade and commerce. Post-Asian crisis, the need was felt for an order for international competition to improve the financial markets. The recent decision to exclude competition policies from the purview of the WTO seems to be an unwelcome move. This article addresses the concerns that have arisen as a consequence of removing competition policies from the purview of the WTO. It suggests that politicization of WTO and the regionalization of competition policy may prove to be detrimental for a good economic order. Competition is a direct consequence of the liberalization of a trade regime and an effective trade regime requires addressing the rules for trade and competition under the same umbrella in order to develop a cohesive jurisprudence.