Competitive Markets

How do competitive markets encourage inclusive economies? 

Business has a key role to play in developing inclusive and prosperous economies through job creation and contributions towards global public goods through investments, innovation, and taxation. 

Leaders are faced with the dual challenge of becoming drivers for change and delivering on shareholder expectations at the same time.  This creates further complexity in the legal and compliance requirements for enterprises of all sizes to function while ensuring that high ethical standards are upheld throughout its operations and promoting a level playing field.  Clarity and predictability are crucial in striking the right balance between promoting positive behavior and principles of fairness, without hampering companies’ competitiveness. 

What is the role of ICC? 

ICC builds understanding between business and regulatory agencies, particularly in relation to antitrust compliance, taxation policy to ensure inclusive trade and investment across frontiers that can help businesses of all sizes meet the demands and create opportunities of exposure to international markets. 

How are Antitrust and Competition relevant in international trade? 

Effective enforcement and compliance with the law has become particularly important in the field of antitrust—or competition—law, and its widespread use worldwide coupled with the constantly evolving landscape have been unprecedented creating increasing challenges to business, especially SMEs.  It remains key to ensuring that companies compete with each other on a level playing field, minimizing market distortions so that goods and services are delivered to buyers at a fair price. 

The risks of non-compliance, deliberate or not, are significant. Sanctions for antitrust violations are often substantial and reputational damage to companies as a result of an adverse antitrust finding is massive.  While the penalties for non-compliance can be very significant, a company’s reputation can be seriously damaged by the negative publicity drawn by a decision that it has violated the law. 

ICC works to close these gaps by producing practical tools on competition law—in particular in antitrust compliance for companies of all sizes and across sectors, as well as collecting best practices around the world to deepen dialogue with public and private stakeholders.