Effective cooperation among the BRICS nations in striking the right balance between promoting sustainability and competition is pertinent to deal with complex challenges, NCLAT Chairperson Ashok Bhushan said on Thursday. Emphasising the importance of having free and fair competition in the market place, he also said there is a need for robust mechanism to regulate digital markets.
He was delivering the keynote address at the eighth BRICS International Competition Conference 2023 in the national capital.
Strong anti-trust enforcement is an essential element of the overall public policy design governing the companies, he said.
Further, he noted that an effective cooperation among the BRICS nations in striking the right balance between promoting sustainability and competition is pertinent in order to deal with complex challenges.
More than 600 delegates are expected to participate in the conference that concludes on Friday. Last time, this conference happened in India in 2013.
According to the Chairperson of the National Company Law Appellate Tribunal (NCLAT), free and fair competition is a key pillar for the market economy.
Incorporation of sustainability into competition law had the potential to stimulate innovation, development of cleaner technologies, renewable energy sources and sustainable solutions across various industries, he noted.
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