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Indian watchdog to sign pact with BRICS
March 4, 2014, 9:45 am

Delegates listen during the BRICS Business Forum in Durban in march 2013 [GCIS, SA]

Delegates listen during the BRICS Business Forum in Durban in march 2013 [GCIS, SA]

Indian media reports have said Indian industry watchdog, the Competition Commission off India plans to enter into a pact with BRICS to coordinate trade deals including mergers and global cartel probes that could have implications for competition in the Indian market.

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.”

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.

The BRICS countries have a combined population of 3 billion with a total GDP of nearly $14 trillion and around $4 trillion of forex reserves.

The idea was discussed during the BRICS International Competition Conference held in New Delhi last November, where regulators from these jurisdictions resolved to strengthen their cooperation.

Such agreements, the Indian regulator said, would enable professionals from the BRICS 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.

The Indian watchdog already has an agreement in place with Russia.


TBP and Agencies

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