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BRICS antitrust regulators focus on fostering fair trade rules and consumer welfare.
Oct 16, 2023
Antitrust watchdogs of the BRICS grouping deliberated on the need for well-calibrated regulatory frameworks that strike a balance between fostering competition and safeguarding consumer welfare at a conference in the national capital, Competition Commission of India chairperson Ravneet Kaur said on Friday.
The joint statement formally ratified by the heads of BRICS competition authorities 'underscores the strategic alignment towards fostering competition-driven growth and socio economic progress in our regions', Kaur said.
The eighth edition of the BRICS International Competition Conference, a biannual event, was held from October 11 to 13, with India playing the host after a gap of 10 years. The BRICS grouping comprises Brazil, Russia, India, China and South Africa.
The next conference of the BRICS competition authorities will be hosted by South Africa in 2025.
The conference in New Delhi allowed the regulators to scrutinise the dynamic interplay between technological advancements, market structures and competition dynamics, paving the way for a more comprehensive understanding of the challenges and opportunities that lie ahead of the authorities, Kaur said.
'The knowledge and perspectives exchanged during this conference possess the potential to exert a profound influence shaping the future trajectory of competition policy and regulatory frameworks,' she said.
During the course of the conference, the BRICS competition regulators deliberated on a number of subjects, encompassing the implications of digitalization on the competitive landscape, the role of competition policy, nurturing innovation and its vital contribution to sustaining robust economic growth, Kaur said.
The BRICS ICC was last held virtually in China in 2021 due to the Covid-19 outbreak. India had hosted it once—in 2013—since 2009 when the heads of the BRICS grouping endorsed the need for such a meeting in Yekaterinburg, Russia.
Apart from Kaur, Maxim Shaskolsky (Federal Anti-Monopoly Service, Russia), Gan Lin (State Administration for Market Regulation, China), Doris Tshepe (CCSA, South Africa) and Victor Oliveira Fernandes (Administrative Council for Economic Defence, Brazil) deliberated on the key issues around antitrust regulations at the conference.
economictimes.indiatimes.com
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