CADE expresses support to the extension of the Memorandum of Understanding between the BRICS Competition Authorities and to the BRICS Statement on COVID-19
On 23 July 2020, the Administrative Council for Economic Defense (CADE) attended the Meeting of the Heads of BRICS Competition Authorities, held by the Russian Federal Antimonopoly Service (FAS) virtually, within the framework of the Russian Federation’s presidency of the BRICS interstate association in 2020.
During the meeting, there were announcements of the extension of the Memorandum of Understanding between the BRICS Competition Authorities on Cooperation in the field of Competition Law and Policy and the BRICS Statement on consolidating the efforts to combat the negative economic consequences of COVID-19.
The Memorandum of Understanding was signed on 19 May 2016, during the Saint Petersburg Legal Forum, in Russia, aiming to foster cooperation among the BRICS countries in the field of competition law and policy through the exchange of information and best practices, as well as capacity-building activities. In addition, the MoU also provides for the establishment of Working Groups to conduct joint research on matters of common interest, with a comprehensive approach.
The MoU, valid for 4 years, would expire in 2020. However, considering the fruitful cooperation within its framework, the competition authorities decided to extend its validity for an indefinite period by signing the Declaration of the Heads of BRICS Competition Authorities.
“The extension of the Memorandum of Understanding between our competition authorities reinforces our joint commitment to strengthen the cooperation on legislation and competition policy. I am sure this high-level cooperation among BRICS' authorities benefits our work towards a better competition environment in our countries”, said the president of CADE, Alexandre Barreto.
During the meeting, the BRICS Statement on COVID-19 was also announced, aiming to reinforce the cooperation with each other to protect competition and combat the negative economic consequences of the COVID-19 pandemic.
“We understand that this document reaffirms our commitment, to the antitrust community and society as a whole, of maintaining a fair and safe competition environment, and formalises our efforts to minimise the economic impacts of the crisis”, said the President of CADE, Alexandre Barreto.
Access the Memorandum of Understanding between BRICS Competition Authorities on Cooperation in the field of Competition Law and Policy here.
Access the Declaration of the Heads of BRICS Competition Authorities here.
Access the BRICS Statement on COVID-19 here.