Fair trade authorities have a critical role to play in the digital sector where a handful of dominant platforms could harm the interest of consumers, said Ravneet Kaur, chairperson of Competition Commission of India, on Thursday.
Rapidly evolving markets and technology have created fresh challenges and new dimensions in competition law and policy. “Our enforcement experiences and market studies have helped us to understand these markets better. We are all upgrading, supplementing our toolkits and plugging enforcement gaps,” said Kaur in a speech at the eighth International Competition Conference of BRICS nations.
Nations should share their experience to optimise efforts ensuring digital markets remain free and competitive. “We must also build collective capacity in the fields of artificial intelligence, blockchain and algorithms as digital transition progresses,” Kaur said.
To ensure that enterprises build green businesses without facing anti competitive barriers, it is critical to have a clear framework for assessing agreements that have sustainability dimensions. “It is useful to have a conversation on what guides the choice of instruments, why and in which specific cases and context we would prefer soft law enforcement mechanisms.”
Kaur urged countries to share practical insights and best practices to address emerging competition issues and improve fair trade laws.
The BRICS conference is being attended by 600 delegates of BRICS and other nations, competition law experts, non-government advisors and domestic invitees.
“This network has also given us a valuable opportunity to view competition governance through the lens of the Global South,” said Kaur in her opening remarks. -CommunicationsToday