THE WORLD TRADE ORGANIZATION AND ITS POWERS TO ADOPT A COMPETITION POLICY R ENÉ U RUENA 7KH FRVWV DQG EHQHÀWV RI DGRSWLQJ D PXOWLODWHUDO FRPSHWLWLRQ SROLF\ DJUHHPHQW have been widely discussed for several years. However, the legal competence of WKH :72 WR XQGHUWDNH WKDW WDVN DV DQ LQWHUQDWLRQDO RUJDQL]DWLRQ KDV QRW HQMR\HG the same level of debate. This article explores that question, which underlies the mentioned normative debate. Relying on neoclassic competition theory and on different elements of international institutional law, the article argues that the WTO, as structured today, has the power to address only anticompetitive SUDFWLFHV WKDW KLQGHU