Abstract:

This article focuses upon the conceptualization of the term competition and how competition in the present era has been a potent tool for encouraging economic development and socio-economic welfare rather than curbing monopolies only. The article shall be contextualised highlighting the facts related to the enactment of the Competition Laws in India, U.S and U.K and its actual implementation with special reference to horizontal and vertical anti-competitive agreements. The aim of the article is to do a comparative analysis between the provisions dealing with anti-competitive agreements in U.S.A and U.K and section 3 of the Indian Competition Act in order todiscusses the need of competition in global economic market, and why at all this concept of competition is of utmost importance to us.The analysis done in the article strictly restricts to the interpretation given to anti-competitive agreements under section 3 of Competition Act in India and its comparison thereof with Antitrust Laws in U.K and U.S. The paper aims to highlight the scope and interpretation of anti-competitive agreements as it is among the most sanitizing issues recently in global market.

Keywords: