BRICS Enhances Antimonopoly Collaboration with New Member States

Date:

GENEVA, Switzerland, July 3, 2024 – The BRICS Coordination Committee on Antimonopoly Policy convened under the Russian Chairmanship on July 2, 2024, in Geneva, marking a pivotal moment in collaborative efforts among member nations.

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In attendance were heads of competition authorities from Brazil, India, China, Russia, South Africa, as well as newly integrated members Iran, Ethiopia, Egypt, and UAE.

The meeting underscored BRICS’ commitment to fostering a competitive economic environment beneficial to both enterprises and consumers. Propelled by Russia, discussions centered on launching an enhanced cooperation platform to institutionalize and deepen BRICS’ partnership.

The proposed BRICS Global Action Platform on Fair Market Competition, developed by the BRICS Competition Law and Policy Centre, garnered unanimous support from participating antitrust agencies, signaling a new phase in their cooperation.

A focal point of the gathering was expanding BRICS’ membership and streamlining procedures for new entrants to join the Memorandum of Understanding on Cooperation in Competition Law and Policy, originally signed in St. Petersburg on May 19, 2016. Participants also highlighted significant achievements in advancing fair competition practices and tackling antimonopoly issues. The session culminated in the adoption of a Joint Statement affirming a collective commitment to uphold healthy competition across vital markets.

Alexey Ivanov, Director of the BRICS Competition Law and Policy Centre, emphasized the significance of elevating antitrust cooperation to new heights during Russia’s presidency. He highlighted the envisioned Action Platform’s role in supporting enforcement activities through technical and analytical assistance, fostering expertise development, and facilitating global knowledge exchange. Ivanov stressed that this initiative aims to reshape global economic relations by harmonizing strategies across BRICS nations.

The proposed platform represents a strategic move for BRICS antitrust regulators to exert influence on global economic architecture, particularly in global markets and value chains. Ivanov concluded by noting that the initiative aligns with broader efforts to integrate sectors and enhance regulatory cooperation within global value chains, underscoring the platform’s potential to shape future economic landscapes.

David Okafor
David Okaforhttp://naija247news.com
David Okafor Foreign Affairs Editor, Naija247news Media Group David Okafor is the Foreign Affairs Editor at Naija247news Media Group, with over five years of experience in international journalism. He excels in delivering insightful and impactful coverage of global politics and economic trends. Holding a degree in International Relations, David is known for his investigative skills and editorial leadership. His work ensures Naija247news provides accurate and comprehensive analysis of world events, earning him respect in the media industry.

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