<Li> guidelines which are clear and specific to the courts, regulators and business but leave little room for discretion that prevents the application of laws from resulting in unintended consequences . </Li> <Li> guidelines which are broad, hence allowing administrators to sway between improving economic outcomes versus succumbing to political policies to redistribute wealth . </Li> <P> Chapter 5 of the post war Havana Charter contained an Antitrust code but this was never incorporated into the WTO's forerunner, the General Agreement on Tariffs and Trade 1947 . Office of Fair Trading Director and Professor Richard Whish wrote sceptically that it "seems unlikely at the current stage of its development that the WTO will metamorphose into a global competition authority ." Despite that, at the ongoing Doha round of trade talks for the World Trade Organization, discussion includes the prospect of competition law enforcement moving up to a global level . While it is incapable of enforcement itself, the newly established International Competition Network (ICN) is a way for national authorities to coordinate their own enforcement activities . </P> <P> Under the doctrine of laissez - faire, antitrust is seen as unnecessary as competition is viewed as a long - term dynamic process where firms compete against each other for market dominance . In some markets a firm may successfully dominate, but it is because of superior skill or innovativeness . However, according to laissez - faire theorists, when it tries to raise prices to take advantage of its monopoly position it creates profitable opportunities for others to compete . A process of creative destruction begins which erodes the monopoly . Therefore, government should not try to break up monopoly but should allow the market to work . </P>

International trade law and competition law in india