The BRICS Competition Law and Policy Centre (www.BRICSCompetition.org) together with partners from China will collaborate on developing the BRICS commodities exchange system. The agreement was signed during the 2024 National Fair Competition Conference of China.
According to a report presented at the Forum, “the BRICS Competition Law and Policy Centre and the Center for Competition Policy and Expertise of the State Administration for Market Regulation of China (SAMR) have signed a cooperation agreement. A key aspect of this cooperation will involve research on the establishment of exchange trade in commodities and raw materials between Russia, China, and other BRICS countries.”
Alexei Ivanov, Director of the BRICS Competition Law and Policy Centre, highlighted the previous agreement signed between Russia and China in 2022 regarding cooperation in antitrust enforcement and competition policy. He stated, “It is significant that two years later, during Russia’s BRICS presidency, we were able to establish a memorandum of expert cooperation on competition protection with China’s leading antitrust center.”
Ivanov further explained, “The goal is for Russian and Chinese entrepreneurs to directly engage through modern exchange mechanisms, fostering direct long-term relationships and reducing prices for end consumers. This will eliminate the need for intermediary schemes. Experts and researchers are tasked with developing organizational, legal, and economic measures to facilitate the creation of exchange platforms and enhance exchange trade, including within the BRICS framework. Collaborating with Chinese academic partners, we aim to present solutions to our countries’ regulators soon.”
The Parties also discussed joint studies aimed at promoting competition within emerging economies in the BRICS region and agreed to share information on key initiatives.
Meng Yang, Vice Minister of SAMR, expressed readiness to enhance cooperation in the BRICS context, highlighting priority areas such as coordinating working groups on competition in socially important markets and ongoing projects like a study on competition issues in the biosimilars market. A recent meeting of this working group was also mentioned.
The recent meetings and agreement signings demonstrate the strengthening cooperation between Russia and China in the realm of competition law. Both parties expressed optimism that the upcoming BRICS summit in Kazan will further solidify cooperation and foster development in this field.
As the chair of BRICS+ in 2024, Russia is actively working towards the comprehensive implementation of the BRICS Economic Partnership Strategy 2025 and the realization of the Action Plan on Innovation Cooperation for 2021-2024. Special attention is being given to discussions and solutions for regulation in competition law and antitrust policy.
Distributed by APO Group on behalf of BRICS Competition Law and Policy Centre.