How Free Economic Competition is Protected in Colombia
In Colombia, the right to competition seeks to protect free economic competition, which ensures economic conditions such as efficiency, consumer wellbeing and the opportunity to participate in the market under conditions of freedom and equality. The highest authority in terms of free competition is the Superintendence of Industry and Commerce (SIC), which can issue sanctions for non-compliance with the competition regime.
With regard to practices that restrict competition, the regime prohibits any kind of practice, procedure or system aimed at limiting free competition and setting or maintaining unfair prices.
In addition, sanctions for behavior that constitutes unfair competition aim to protect sound trading practices, honest uses in matters of industry and commerce, good commercial faith and consumers’ freedom of choice. Unfair acts of sowing disruption and confusion, deceit, smears, comparison, imitation, exploiting another’s reputation, revealing secrets or breaching regulations, diverting clients, and unfair exclusivity agreements are usually prevented or punished.
Keep in mind
- The anti free competition agreements are listed in Article 47 of Decree 2153 of 1992.
- Collusion in tenders and contests of the government contracting process is both an anti-competitive practice and a crime against the public administration.
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