In the age of market economy, the establishment of adequate competition laws and the creation of competition itself have never been more important. In the course of globalization especially competition cases with foreign elements evoke tremendous legal challenges. Within the scope of this paper, those legal challenges are being carefully analyzed, primarily in the context of international law. At the unilateral level the extraterritorial application of competition laws, the role of developing countries, civil society and individuals in general, are in the focus of research. Bilateral mechanisms, such as non binding soft law instruments but also binding cooperation agreements try to counteract existing problems at the purely unilateral level. By the promotion of competition advocacy, technical assistance and capacity building developing countries should be fostered to eract efficient competition laws and market economy. On the contrary, mulitlateral approaches try to overcome problems arising at the bilateral level, within a much broader context. So far, only non binding soft law instruments exist. Nonetheless, many legal scholars made fruitful proposals for a possible future multilateral competition agreement, like a world competition law and the establishment of the ICPO. Fox, Drexl and Basedow recommend the establishment of a multilateral agreement with WTO specific constiutionalist principles. Petersmann takes in consideration the role of the WTO within the global international law regime and calls for an enhanced regard of developing countries? needs and the integration of civil society within a possible future competition law agreement. The author?s own proposal refers to Petersmann?s proposal of a possible competition law agreement at the mulitlateral level but tries to take in consideration additional aspects which have not been mentioned so far.