The merits of fostering effective competition in the economy to encourage economic efficiency, consumer welfare, productivity, innovation, and attract investment have been increasingly and widely recognized by governments around the world. Relative to other regions, developing countries in Latin America have been at the forefront in adopting pro-competition measures such as deregulating industries, liberalizing trade and investment, and enacting competition (antitrust or antimonopoly) laws. However, the quality of the investment climate that determines the risks and transaction costs associated with investing and operating a business, as well as the implementation of competition law and policy, tend to vary widely across Latin American countries. This article argues that to enhance greater coherency and consistency in these policies, competition law-policy needs to be integrated as a central platform. Doing so will improve and buttress the investment climate prevailing in a country. To attain this requires increased efforts to promote better understanding of the instruments, requirements, and benefits of encouraging competition through "competition advocacy"—in government economic policy formulation, private sector business decisions, and civil society at large.

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