Competition regulators from Brazil, Russia, India, China, and South Africa, collectively known as BRICS, are set to embark on a comprehensive three-day meeting in the heart of the Indian capital, commencing Wednesday. The aim of this high-level gathering, as conveyed by Chairperson Ravneet Kaur of the Competition Commission of India (CCI), is to scrutinize the experiences of these nations in implementing leniency provisions and competition-related trends within the digital market sector.
During a press briefing held on Tuesday, Chairperson Kaur revealed that discussions would extend to various pertinent issues, including competition within the digital economy, the implications of big tech companies, and the intricacies of algorithm-driven markets. Additionally, the challenges surrounding merger control will thoroughly examined.
The main goal of this meeting will be the sharing of best practices for individual nations to adopt. This exchange of knowledge and insights among the BRICS countries is expected to help improve their understanding of the evolving global landscape as it relates to the digital market.
As the conference concludes, the heads of BRICS competition authorities will convene for a joint declaration expressing their collective vision and commitment to fostering international collaboration in the field. Chairperson Kaur further stated that two pivotal reports, focusing on leniency programs and digital markets, would be unveiled during the event. These reports aim to provide a comprehensive perspective on the functioning of competition regulations in various BRICS nations and the lessons derived from their experiences.
Chairperson Kaur also highlighted the recent substantial amendment to the Competition Act earlier this year, with some provisions having already been notified. This legislative change underscores the commitment of Indian authorities to align their regulatory framework with the rapidly evolving digital landscape.
The forthcoming BRICS meeting in India promises to be a milestone event in the pursuit of effective competition regulation within digital markets, with a focus on collaborative learning and the establishment of shared best practices among these emerging economic powerhouses.
Source: Live Mint