Need flexible, planned approach for global anti-trust cooperation: Min

Emphasising on the importance of effective cross-border cooperation to implement competition laws, Union minister P P Chaudhary today said there was a growing need to follow a flexible and planned approach for global anti-trust cooperation.

He was speaking at the International Competition Network Annual Conference here that is being attended by around 520 delegates from 73 countries.

The Minister of State for Corporate Affairs said that India speaks for a multi-polar world with globalisation and is ready to take its well-deserved place in the leading nations of the world, according to an official release.

Highlighting the need for effective cooperation between nation states to implement competition laws, the minister was quoted as saying that there was a growing need to follow a phased, flexible and planned approach to global antitrust cooperation.

Competition Commission of India (CCI) Chairperson D K Sikri also stressed on the growing need for cooperation amongst competition agencies across the world in view of the rapid changes in market landscape due to technology, especially in the digital space.

Issues related to big data, artificial intelligence, internet of things and block chain can pose a number of competition issues, he said.

According to him, while the benefits of digitisation must be reaped, the Competition agencies also need to gear-up to the challenges that they pose for consumers, competition and the economy.

The three-day conference concludes on March 23.