BRICS improves cooperation on competition

After three days of debates and sharing of experiences, the 5th BRICS International Competition Conference has come to an end on 10 November, in Brasília.

In the event, that took place in Brazil for the first time, the five BRICS countries discussed important issues, such as the use of intelligence techniques to investigate cartels, competition in the digital era, cooperation on transnational mergers, market power and international cooperation between antitrust authorities.

Among other cooperation tools, two Memoranda of Understanding were signed: one between the Administrative Council of Economic Defense (CADE) and the Federal Antimonopoly Service (FAS) from Russia and another between CADE and the Ministry of Commerce (MOFCOM) from China. The objective of these cooperation tools is to foster the exchange of information on competition policies and law and to share experiences and best practices.

The conference final declaration, the Brasília Joint Statement, acknowledged the importance of cooperation between BRICS countries in the field of competition policy and reasserted its relevance for the inclusive economic growth.

By means of the document, the heads of the BRICS competition authorities agreed to address the challenges on global economic development, including the growth of inequality and the technological changes. This would be possible by strengthening the cooperation for the analysis of global markets and improving merger reviews and the fight against monopolies in the BRICS countries.

In addition to the members of the BRICS countries’ agencies, leaders from other countries as well as delegates from OECD, UNCTAD, WIPO, academics and experts attended and participated in the conference

The next edition of the BRICS International Conference Competition will take place in Russia, in 2019.