The 8th BRICS International Competition Conference, hosted by the Competition Commission of India (CCI), concluded on October 13 in New Delhi. The conference, held from October 11 to 13, 2023, witnessed an impressive gathering of over 600 delegates, including top officials from BRICS competition authorities, industry experts, and international organization representatives from both BRICS and non-BRICS nations.
The conference agenda encompassed three plenary sessions, four breakout sessions, an inaugural session, and a closing ceremony. During the plenary session on BRICS joint documents, delegates unveiled and deliberated upon the Leniency Programme and Digital Economy Reports. Other plenary and breakout sessions facilitated dynamic discussions among speakers from BRICS and beyond, exploring an array of contemporary issues related to competition law and policy. Notably, the heads of BRICS competition authorities signed a Joint Statement, affirming the importance of sharing knowledge, experiences, and best practices to reinforce enforcement capabilities and promote fair competition within BRICS jurisdictions.
In his closing address, Dr. Manoj Govil, Secretary of the Union Ministry of Corporate Affairs, emphasized the unique legal traditions, economic structures, and regulatory approaches that each BRICS member state possesses. He underscored the importance of collaborative efforts to exchange best practices and align regulatory standards when feasible, practical, and beneficial.
Dr. Govil addressed the challenge of ensuring fair competition in digital markets, where network effects and data access can create formidable entry barriers. He highlighted India’s efforts to address this concern, mentioning the examination by a Parliamentary Standing Committee on ‘Anti-Competitive Practices by Big Tech Companies’ and the potential introduction of a Digital Competition Act to foster a transparent and competitive digital ecosystem.
Dr. Govil also mentioned recent amendments to India’s Competition Act, which introduced provisions for settlements and commitments, allowing companies to resolve antitrust concerns cooperatively, reducing legal uncertainties and compliance costs. Additionally, the implementation of deal value thresholds for merger notifications aims to scrutinize mergers and acquisitions with substantial economic impact while facilitating investment and economic activity.
Chairperson of CCI, Ravneet Kaur, highlighted the comprehensive understanding gained through the conference’s sessions. She emphasized the profound implications of digitalization on competition, the vital role of competition policy in fostering innovation and sustaining economic growth, and the significance of cooperation among BRICS countries. She lauded the Joint Statement as a testament to the commitment to foster competition-driven growth and socio-economic progress in the regions.
Heads of the BRICS competition authorities reiterated the importance of focused and effective cooperation in the field of competition law and policy in today’s globalized world during the closing ceremony.
The event concluded with a vote of thanks from Deepak Anurag, Member of the Competition Commission of India, as CCI handed over the conference’s responsibilities to South Africa for hosting the 9th BRICS International Competition Conference in 2025.