Competition Authorities of Russia And India Discussed Cooperation Prospects

Competition Authorities of Russia And India Discussed Cooperation Prospects
Photo: https://www.russia-briefing.com/news/india-negotiating-investments-in-russian-arctic-oil-gas-exploration.html/ 13.07.2022 608

State Secretary – Deputy Head of FAS Sergey Puzyrevskiy held a meeting with a representative of the Competition Commission of India Sukesh Mishra.

According to Mr Puzyrevskiy, the antimonopoly authorities of Russia and India are expanding their practical cooperation in reviewing global economic concentration transactions and jointly dealing with violations of antimonopoly laws that have a cross-border effect.

It is important that the antimonopoly authorities of Russia and India note the importance of joint efforts to combat cross-border violations, says BRICS Competition Centre's expert Maria Belyaeva:

"The cross-border nature of cases always creates additional difficulties for the investigation. For example, an empirical study by the BRICS Antitrust Center on fighting cross-border cartels found that one of the important problems in cross-border investigations for many agencies worldwide is the lack of mutual trust and open dialogue. A more active and open interaction among the BRICS member countries in the future could be an example of creating these missing mechanisms".

The parties also discussed the activities of BRICS working groups to study competition issues in socially important markets, according to a FAS press release. The participants agreed that the initiatives affecting the economic interests of Russia and India should be jointly promoted on the UNCTAD platform.

The final declaration of the XIV BRICS summit, held this June, notes the agreement of the parties to continue deepening cooperation on competition issues among the BRICS countries, Maria Belyaeva recalls. Moreover, the BRICS member-states may strengthen cooperation in the field of competition law enforcement and policy not only in their entirety but also with the participation of only two parties: on February 4, 2022 during the visit of Vladimir Putin to China an agreement was signed between the Government of the Russian Federation and the Government of the People's Republic of China on cooperation in the sphere of antimonopoly law enforcement and competition policy. The last meeting logically fits into this trend, the expert notes.

At the end of the meeting, the parties expressed their hope for expansion of mutually beneficial cooperation between the competition agencies, which will contribute to the economic growth of both states.

Source: FAS

India 

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