Kaur said at the opening ceremony of the BRICS international competition conference that two major imperatives facing economies today are leveraging digital technology and pursuing environmentally sustainable economic growth.

“Our economies have taken a leap towards digital transformation. Digital technology has been a force multiplier in achieving growth, inclusion and innovation, but in a handful of cases it has been observed that the digital sector can naturally favour a handful of platforms,” Kaur said, highlighting how this could harm competition and consumers.

“We as competition authorities have a critical role to play here. Our enforcement experience and market studies have helped us to understand these markets better. We are all upgrading and supplementing our tool kits and plugging enforcement gaps. Sharing of experiences will be crucial in optimising our efforts in ensuring that digital markets remain competitive and contestable,” she told delegates at the conference.

Kaur also said that BRICS competition regulators should build collective capacity in the fields of artificial intelligence, blockchains and algorithms as the digital transition progresses.

She also said the increased emphasis on sustainability and climate change reflects the shift towards environmentally conscious policies and practices. “We must keep our eyes open to make sure that enterprises build green businesses without having to face anti-competitive barriers,” she added. “Therefore it is critical to have a clear framework for assessing agreements having sustainability dimensions.”

She also emphasised the need to deliberate on the appropriate regulatory response to these trends – soft law-enforcement mechanisms versus legally binding orders.

Kaur also said regulators have developed deep understanding in sectors such as automobiles, pharmaceuticals and digital, and should brace for shifts in the economy. “As we look ahead we see rapidly evolving markets and technological advancements have given us fresh challenges and new dimensions in competition law and policy. We must adapt and respond to these changes by adding new dimensions to our approach and assessment,” Kaur added.

She said the Competition Act, amendment earlier this year, has significantly enriched the CCI’s toolkit by introducing new instruments such as the settlement and commitment framework, the leniency plus regime, and deal value thresholds for examining mergers and combinations.

“Exciting news! Mint is now on WhatsApp Channels 🚀 Subscribe today by clicking the link and stay updated with the latest financial insights!” Click here!

Updated: 12 Oct 2023, 12:48 PM IST