Current events -- the Microsoft antitrust case, the mergers of giant oil companies -- demonstrate how the competitive behavior of transnational companies affects countries far beyond their borders.

Not long ago some countries were unhappy with what they viewed as the extraterritorial application of U.S. antitrust law. Now, however, as more countries embrace market economics and as more markets become global, cooperation among antitrust authorities is expanding.

A Justice Department advisory committee is working hard to recommend 21st century U.S. policy on a number of international antitrust issues: multi-jurisdictional merger reviews, the interface between antitrust and trade policy, and enforcement cooperation.

Meanwhile, Clinton administration officials and others remain skeptical that a multilateral agreement on competition policy and antitrust enforcement can be reached any time soon in the World Trade Organization.

But they do expect more convergence among governments on antitrust and competition issues in years ahead as they build up experience working together on cases. And some observers suggest that elements of existing trade and capital standards agreements could be adapted for competition policy agreements.