BRICS Supported the Project of the HSE University to Launch a Fair Competition Platform

BRICS Supported the Project of the HSE University to Launch a Fair Competition Platform
Photo: Shutterstock 03.07.2024 309

It envisages convergence of antimonopoly policies of the countries, in particular, through mechanisms to manage the review of economic concentration transactions.

The draft BRICS Interstate Platform on Fair Competition, developed by the BRICS  International Competition Law and Centre of the HSE University (HSE BRICS Center) and submitted by the FAS of Russia, was supported by the competition authorities of the countries of the association. This was reported by the university's press service following the meeting of the BRICS Antimonopoly Policy Coordination Committee in Geneva under the auspices of the Russian Federation's chairmanship in the association in 2024.

"BRICS antimonopoly agencies supported the initiative of FAS of Russia and the BRICS Centre of the HSE University and proposed to start its elaboration in order to present and approve specific mechanisms for the implementation of the platform at the next, 9th International Conference on Competition under the auspices of BRICS in 2025 in Cape Town. The platform will allow antitrust regulators of BRICS countries to more actively influence the global architecture of economic relations," 

the report said.

The BRICS Fair Competition Platform envisages effective convergence of antitrust policies of the countries through mechanisms for managing the review of economic concentration transactions, joint investigations and research in the BRICS space. This new format of cooperation will make it possible to identify problem areas of monopolization and cartelization, and in general those areas in the global world economy that require special antitrust attention.

"Today, regular communication between the BRICS antitrust agencies has been established and support has been provided for a broad expert community of the member countries, which is successfully coordinated by the Center. It is necessary to build up its potential and use its intellectual resource to work out specific technical details of the project implementation, the BRICS Centre is now facing this task,"

Andrey Tsyganov, Deputy Head of the FAS of Russia, noted.

According to Alexey Ivanov, Director of the BRICS International Competition Law and Policy  Centre, the agreement on the draft platform is a big step towards full-fledged institutionalization of cooperation on the BRICS antitrust track and a notable success of the Russian chairmanship.

"The challenges of the global economy and the growing complexity of business organization require more advanced formats of cooperation.<...> The proposed initiative is not just a mechanism for cooperation, it is a mechanism for harmonizing the positions of countries on how to jointly influence the global economy, global markets and global value chains. The platform will help develop effective approaches to influence global markets and put them into practice," 

 Ivanov explained.

Source: TASS

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