BRICS acknowledges importance of sharing information to strengthen enforcement capabilities

New Delhi [India], October 13 (ANI): The Heads of BRICS competition authorities in a joint statement acknowledged the importance of continuing to share information, experience and best practices to strengthen enforcement capabilities and promote fair competition practices within BRICS jurisdictions.
BRICS is a grouping of Brazil, Russia, India, China, and South Africa.
The 8th BRICS International Competition Conference 2023 (BRICS ICC 2023) was hosted by the Competition Commission of India (CCI) during October 11-13 2023. The conference concluded in New Delhi today.
It brought together more than 600 delegates, including heads of BRICS competition authorities, practitioners, competition policy experts, representatives of international organisations, and other stakeholders from BRICS and non-BRICS nations, as per a release issued by the Ministry of Corporate Affairs.
Meanwhile, Union Ministry of Corporate Affairs Manoj Govil in his valedictory address at the closing ceremony, said that each BRICS member state possesses its unique legal traditions, economic structures, and regulatory approaches. Collaborative efforts in competition law and policy allow for the exchange of best practices and the alignment of regulatory standards to the extent feasible, practical and useful.
With reference to digital markets, Govil said that ensuring fair competition in digital markets, where network effects and data access can create insurmountable barriers to entry, poses a significant challenge. Competition authorities need to craft effective interventions that encourage innovation while preventing monopolistic practices.
In this context, he apprised that in India a Standing Committee of the Parliament examined the subject of 'Anti-Competitive Practices by Big Tech Companies' and recommended an introduction of a Digital Competition Act to ensure a fair, transparent and contestable digital ecosystem. Subsequently, the Government of India has constituted a Committee on Digital Competition Law to review whether existing provisions in the Competition Act, 2002 are sufficient to deal with the challenges that have emerged from the digital economy and to examine the need for an ex-ante regulatory mechanism for digital markets. The Committee has undertaken a series of stakeholder consultations and is currently deliberating on the subject, he further mentioned, as per the official release.
Govil while referring to the recent amendments made to the Competition Act in India, said that the introduction of provisions for settlement and commitments will provide companies with the opportunity to resolve antitrust concerns cooperatively, reducing legal uncertainties and compliance costs. The implementation of deal value thresholds for merger notification ensures that mergers and acquisitions with substantial economic impact undergo scrutiny, safeguarding against anticompetitive practices while still facilitating investment and economic activity, he added.
The conference's closing ceremony was also addressed by heads of the BRICS competition authorities. They said that the BRICS ICC 2023 conference has provided a useful platform to delve upon contemporary issues faced by competition agencies. In today's globalized and interconnected world, they reemphasised the need for focussed and effective cooperation between the BRICS countries in the field of competition law and policy, according to the release.
The event concluded with member of the Competition Commission of India Deepak Anurag proposing the vote of thanks and CCI handing over the baton to South Africa for the 9th BRICS International Competition Conference to be held in 2025. (ANI)