 "Competition Commission plans pact with BRICS grouping")
Fair trade watchdog CCI plans to enter into a pact with the BRICS grouping to boost cooperation in areas including merger deals and global cartel probes that could have implications for competition in the Indian market.
The Competition Commission of India (CCI) keeps a tab on unfair business practices across sectors.
According to the CCI's latest quarterly newsletter, it is considering a memorandum of understanding with BRICS nations as a grouping, China, Japan and other countries. Apart from India, the nations in the BRICS bloc are Brazil, Russia, China and South Africa.
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The idea was discussed during the BRICS International Competition Conference held in the national capital last November, where regulators from these jurisdictions resolved to strengthen their cooperation.
Such agreements, the regulator said, would enable its professional staff to interact with their counterparts and work jointly to mutual advantage on matters, "more specifically on global cartel investigations and on mergers and acquisitions with the potential of adverse effects on competition in India."
They would also provide the necessary umbrella for cross-border learning through short-training programmes, it added.
Noting that BRICS economies face several common challenges in the implementation of competition law, the CCI said it makes "sense to cooperate and learn from each other rather than re-inventing the wheel again."
Already, the watchdog has pacts with the Russian Federation, US Federal Trade Commission and Department of Justice, the Australian Competition and Consumer Commission and the European Commission.