The BRICS Coordination Committee on Antimonopoly Policy convened under the Russian Chairmanship in Geneva, Switzerland, uniting top officials from Brazil, India, China, Russia, South Africa, and new members Iran, Ethiopia, Egypt, and UAE. The gathering highlighted a collective commitment to bolstering competitive markets for the benefit of businesses and consumers alike.
A pivotal proposal put forth by Russia advocated for launching the BRICS Global Action Platform on Fair Market Competition, aimed at deepening cooperative ties among member nations. This initiative, developed by the BRICS Competition Law and Policy Centre, garnered strong endorsement from attending antitrust agencies, signaling a pivotal step towards institutionalizing antitrust cooperation.
Discussions also centered on expanding BRICS membership and facilitating the inclusion of new countries under the Memorandum of Understanding on Cooperation in Competition Law and Policy, originally signed in St. Petersburg in 2016. Participants exchanged key achievements in promoting fair competition practices and tackling antimonopoly challenges.
In a joint statement, heads of BRICS competition authorities affirmed their commitment to strengthening competition in crucial markets, underscoring the need for collaborative efforts amidst global economic shifts. Alexey Ivanov, Director of the BRICS Competition Law and Policy Centre, emphasized the potential of the proposed Action Platform to elevate antitrust regulation globally, citing future plans for joint investigations into international cartels and monopolies.
The proposed Action Platform aims to enhance enforcement capabilities through technical support and foster expertise development across member states. It seeks to establish a specialized hub within BRICS to facilitate knowledge sharing, countering prevailing Western-dominated narratives in global economic policy.
“This platform is poised to empower BRICS regulators to shape global economic architecture and harmonize strategies in global markets and value chains,” Ivanov commented, highlighting broader implications for sectoral integration and governance in international trade.
The meeting concluded with a roadmap for advancing antimonopoly cooperation, marking a significant milestone in BRICS’ collective efforts towards equitable economic practices on a global scale.
