New Delhi, Aug 9 (IANS) The BRICS Competition Authorities Heads meeting hosted by India has adopted a joint statement on ‘Strengthening Cooperation to Promote Fair Competition, including in Renewable Energy Markets,’ according to an official statement issued on Sunday.
As part of India's BRICS Chairship, the Competition Commission of India (CCI) steered a collaborative BRICS study titled "Emerging Competition Landscape in the Renewable Energy Sector in BRICS" to develop a better understanding of the evolving competition dynamics in renewable energy markets across BRICS jurisdictions and identify areas for future cooperation.
The key findings of the Study were presented during the meeting held in Udaipur on Saturday.
The joint statement reflects the shared commitment of BRICS competition authorities to promote competitive, innovative, resilient, and sustainable renewable energy markets and to enhance knowledge sharing among BRICS Competition Authorities in addressing emerging competition issues associated with the global energy transition.
The meeting brought together the heads and senior representatives of competition authorities from BRICS member countries to strengthen cooperation in promoting fair competition and addressing emerging challenges in competition law and policy.
In her inaugural address, CCI Chairperson Ravneet Kaur underscored the shared responsibility of BRICS competition authorities to preserve and promote competitive markets that foster efficiency, consumer welfare, innovation, and opportunities for businesses to compete on merit.
Highlighting the increasingly cross-border nature of digital markets and emerging technologies, she observed that sustained cooperation and knowledge-sharing among BRICS competition authorities would be essential for developing informed, effective, and future-ready approaches to competition enforcement.
Referring to the global transition towards renewable energy and sustainability, Raveent Kaur noted that continued collaboration among BRICS competition authorities would contribute to fostering fair and competitive renewable energy markets while advancing the shared objectives of sustainable growth and energy security. She also emphasised that, amidst evolving market dynamics and emerging enforcement challenges, competition law interventions must remain principled, evidence-based, and firmly anchored in the core objectives of competition law.
During the Meeting, the Heads of BRICS Competition Authorities exchanged views on recent developments in competition law and policy in their respective jurisdictions, including significant enforcement initiatives, institutional developments, and emerging challenges in their domestic markets.
The Administrative Council for Economic Defence, Brazil, briefed the participants on its preparations for the Xth BRICS International Competition Conference, scheduled to be held in Brazil in 2027.
The meeting concluded with closing remarks by the Heads of BRICS Competition Authorities, who reaffirmed their commitment to continued cooperation, dialogue, and knowledge-sharing to promote effective competition enforcement and address emerging challenges in increasingly interconnected markets.
