Heads and officials of the competition authorities and experts from the member countries of the BRICS group commenced, Wednesday.
The meeting which took place under the auspices of the Prime Minister, is scheduled to continue on Wednesday and Thursday to discuss global food supply chains and how to apply competition policies and brainstorm on finding more sustainable and competitive solutions to regulate global grain trade.
This is the first competition related meeting hosted by Egypt after its official joining of the BRICS group earlier this year.
It aims to develop new mechanisms to address the distortions affecting the global grain trade market and combat anti-competitive practices in this regard to ensure regular and continuous meeting of the countries' demands for these strategic goods at competitive prices that align with the capabilities and capacities of consumers worldwide, and to alleviate the financial burdens on them.
During his opening speech, Mahmoud Momtaz - Chairman of the Egyptian Competition Authority - welcomed all representatives from the competition authorities of the BRICS countries and international experts, expressing his sincere gratitude for hosting this meeting in Egypt, which officially joined the BRICS group earlier this year. Contributing to supporting and enhancing cooperation between member countries in the field of competition policies and combating anti-competitive practices. Dr. Momtaz also expressed his gratitude to the Prime Minister of Egypt for sponsoring this event.
Momtaz stated that general food supply chains and grain trade in particular, play a pivotal role in ensuring food security for billions of people around the world. These are influenced by many economic, social, and environmental factors, making them an important topic for policymakers, especially since this market witnesses many fluctuations, challenges, and disruptions in supply chains. Moreover, a number of major players dominate the grain trade worldwide, which raises concerns regarding competition, pricing, market stability, and eventually leads to market distortions.
He added that this requires the concerted efforts of competition authorities around the world to combat such practices, ensure equal opportunities, and enhance transparency. It is essential to work together to address these challenges and create a more competitive and inclusive market environment.
Andrey Tsyganov, Deputy Head of the Federal Antimonopoly Service of Russia, stated that Egypt is one of Russia's main trading partners, and the Egyptian Competition Authority is one of the most active competition authorities. He highlighted their common cooperation, both bilaterally and in various international forums, emphasizing the importance of this meeting in exchanging experiences and knowledge sharing, especially regarding strategic issues and socially important markets such as global food supply chains.
As for Alexey Ivanov, Director of the BRICS Competition Law and Policy Centre, stated that the accession of new countries to the BRICS group opens a window of opportunity to enhance cooperation in combating anti-competitive practices in various markets, and in food supply chains and grain trade in particular. He expressed his gratitude to Egypt for hosting this event, which will witness a series of sessions, discussions, and presentations of investigations conducted on anti-competitive agreements and cross-border anti-competitive practices, aiming to develop common mechanisms to address such practices.
Teresa Moreira, Head of the Competition and Consumer Policies Branch at the United Nations Conference on Trade and Development (UNCTAD), emphasized the importance of holding this meeting during this sensitive period to discuss global food supply chains and anti-competitive practices that may lead to an increase in food prices. She reiterated UNCTAD's commitment to cooperating with the BRICS Competition Law and Policy Center and its member countries, including Egypt, to find innovative solutions to address this urgent global issue.
The ongoing conference is scheduled to include several sessions over two days, including "Global Food Value Chains and Competition Law," "Countries' Initiatives in Food Market Competition: An Overview of Current Developments," and a third session titled "Innovative Global Approaches to the Food Market Competition Regulation". These will be followed by closed sessions for the BRICS working groups to discuss competition issues in food markets and develop mechanisms for cooperation on combating anti-competitive practices and enforcing competition laws and policies in this sector.
