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The agreement underlines establishing stronger cooperation on “competition law and policy to further improving and strengthening the relationship” between the five commissions.
“BRICS Competition Authorities, while recognising the benefits of technical cooperation among the competition agencies, in sound and effective enforcement of competition laws expressed their resolve and commitment to exchange views on different aspects of competition policy,” says the accord.
Indian Prime Minister Manmohan Singh said on Thursday that BRICS countries faced common challenges.
“Maintaining a sustainable fiscal policy, while incurring significant public expenditures to raise the standards of living of a large population, is also a task that we have to grapple with continuously,” Singh said.
India has backed the need to make BRICS public sector enterprises more competitive.
“Going forward, our governments will have to increasingly adopt competition-neutral policies…Competitive neutrality requires that the government not use its legislative and fiscal powers to give undue advantage to its own businesses over the private sector,” Singh said in his inaugural address on Thursday.
The prime minister said that BRICS has created structures for cooperation at different levels, in various areas and “two of the most significant agreements in the pipeline are those that will result in the setting up of a BRICS Development Bank and a Contingency Reserve Arrangement’’.
“Yet, I have no doubt that their emergence as economic powerhouses is now an inescapable secular trend which will have a powerful impact on the world,” he added.
In 2012 the countries comprising BRICS showed a nearly four per cent growth against 0.7 per cent in the wealthy G7 nations.