The BRICS project was initiated and is coordinated by the Skolkovo - Higher School of Economics Institute for Law and Development, a Moscow-based international think tank.
Today, many key doctrines and theories of competition law are developed outside the BRICS countries and do not fully take in consideration the interests and specifics of BRICS countries. Often, issues of inequality, public interests, the acceleration of economic development by increasing access to modern technologies and other important issues of development do not fully find answers in the theory of competition law of the developed countries of the West.
Competition in the modern economy is a global process and, thus separately the BRICS countries cannot efficiently counteract the abuse of market power and other forms of anticompetitive behavior of global players. The importance of this area of cooperation was noted in the Ufa Declaration adopted at the end of the 7th BRICS Summit in July 2015.
Current international agreements fail to effectively regulate competition in global markets. The draft agreement on the protection of competition in global markets was a part of the 1994 package of treaties on the creation of the WTO but was not adopted under the US pressure, which has limited the scope of antitrust regulation at the global level. The interests of the BRICS countries in aligning the conditions for competition internationally for their companies and protecting the interests of their consumers are in the hands of the BRICS countries themselves.
Given the significant differences in legal and management systems in the BRICS countries, the transition to joint investigations and the exchange of confidential information will require a gradual growth of trust between relevant agents. Furthermore, Modern antitrust regulation is based on a high degree of scientific expertise. Acceleration of technological development and globalization, entails a significant transformation of markets, increasing the importance of specialized knowledge in the development of effective laws for the prevention of anticompetitive practices and the principles of their application. Thus, the creation of the BRICS Competition Law and Policy Center is aiming to provide the platform for close cooperation of BRICS competition authorities and leading academics The work of such a center will allow to introduce everyday substantive interaction in the work of the competition authorities of the BRICS countries and to bring together policy makers and form a general qualified expertise on key issues of global economy regulation, especially in the face of growing technological and information inequality.
Memorandum of Understanding between the Competition Authorities
Briefly about the Competition Working Groups in BRICS
A Joint Accord signed at the meeting of the Heads of the Competition Authorities, New Delhi, India, November 2013
Joint Statement of the Heads of the BRICS Competition Authorities, Brasilia, Brazil, November 2017
Joint Statement of the Heads of BRICS Competition Authorities, Durban, South Africa, November 2015