BRICS: The mortar of competition in a globalised world
India is hosting the 8th BRICS International Competition Conference (ICC) in New Delhi under the aegis of the Competition Commission of India (CCI). BRICS represents 42% of the world's population, 26% of global GDP, and 18% of global exports.
It has seen a more than four-fold increase in their annual FDI inflows from $84 billion in 2001 to $355 billion in 2021. Their share in global FDI inflows also doubled from 11% in 2001 to 22% in 2021.
They account for 31.7% of global GDP in PPP, higher than G7's 30.31%. In other words, the growth potential of BRICS nations is a big deal.
BRICS ICCs, the last one of which was hosted by China virtually in 2021, provide a platform for competition policymakers and practitioners to exchange views on competition-related issues and promote cooperation among BRICS competition authorities. This has led to several joint initiatives, including the BRICS Competition Law and Policy Centre and BRICS Competition Network.
This year's theme is 'New Issues in Competition Law and Policy: Dimensions, Perspective, Challenges'.
Global competition law experts, delegates from competition authorities of BRICS and select Indian delegates and invitees will be attending. The conference themes have been contributing to the evolution of competition law jurisprudence. The first conference in Kazan, Russia, in 2009 focused on cartel enforcement.
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