Forum highlights competition and monopolistic practices

Jorge Federico Lee presenting “The First Law of Competition”.

By bringing together the economic class that implements and carries out policies for the consolidation of the free market in goods and services, the First Competition Forum was held on February 1 by the Authority for Consumer Protection, Defense and Competition (ACODECO) inaugurated by its General Manager, Mr. Pedro Meilan.

This forum called attention to the different prices for items commercially available in Panama.

Since 2006, this entity has been responsible for protecting and securing the process of free economic competition, eradicating monopolistic practices and other restrictions on the functioning of markets for goods and services in order to protect the best interests of the consumer.

Clarisa Araúz speaks on “Relevant Cases of Defendants in Court”.

The day was used for updates, discussions, conclusions and future goals for competition and the most important event was to commemorate the first 15 years of operation of the first competition law in the Republic of Panama.

The National Competition agency is responsible for investigating, watching and verifying monopolistic practices that are anticompetitive, egregious or discrimination by companies or entities providing public services in accordance with the provisions of Law 45 of 2007 and regulations and laws applicable to the public service sector.

Similarly, ACODECO may initiate an investigation ex officio or upon request, for alleged monopolistic practices with absolute and relative penalties with fines reaching a million dollars.

It is important for all of Panama to be aware of these laws that protect consumers across the country, and this first forum was to assist competition, for which we congratulate ACODECO and the National Competition entity (DNLC).