BRICS reaffirms commitment to promoting competition

The BRICS bloc of emerging economies has reaffirmed its commitment to promoting competition and combating monopolies.

The five BRICS members -- Brazil, Russia, India, China and South Africa -- gathered here for their 5th International Competition Conference, issued a joint declaration on Friday pledging continued efforts to implement policies and practices that encourage competitiveness.

Organised by Brazil's Administrative Council for Economic Defence (CADE), the event brought together officials and experts from BRICS and other countries.

"In addition to discussions of an academic nature and topics of interest to policies for competition, we had concrete proposals that will help cooperation over the coming years," CADE President Alexandre Barreto told Xinhua news agency.

"We will have an exchange of information that will help the respective authorities in (the area of) competition, in their daily work, which will be reflected in better services in their respective countries and for their people."

Delegates from more than 25 countries attended this year's conference, said Barreto, including academics from 26 universities, and representatives from the Organization for Economic Cooperation and Development (OECD), UN Conference on Trade and Development (UNCTAD) and the World Intellectual Property Organisation (WIPO).

Previous conferences were held in Russia in 2009, China in 2011, India in 2013 and South Africa in 2015.

--IANS

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