The review evaluates Paraguay's competition system, examining its legal framework and practical application of competition law. It analyzes the current situation based on extensive research and expert opinions gathered during a visit to Asuncion in October 2022. This includes a review of constitutional text, competition laws, regulations, and decisions by the Competition Agency (Conacom). Despite having a competition law for 10 years, enforcement faces challenges due to resource constraints. Conacom has investigated few cases of restrictive practices and abuses of dominant position, consistently rejecting accusations by the Investigation Directorate. Sanctions lack deterrence, capped at 150% of profits or 20% of sales, potentially leading to minimal penalties. Moreover, the absence of an immunity and leniency program is a major shortcoming in Paraguay's competition enforcement and advocacy efforts.