New Delhi Declaration: BRICS backs stronger cooperation to ensure fair, resilient energy markets
New Delhi, September 12
BRICS nations have reaffirmed their commitment to deepen cooperation in the field of competition law and policy, with a focus on fostering fair, competitive and resilient market environments across sectors, including critical and emerging areas.
The New Delhi Declaration, adopted at the BRICS Summit in the national capital on Saturday, noted that the grouping would strengthen cooperation while respecting the national priorities, laws and regulations of individual member states.
"We reaffirm our commitment to deepen cooperation in the field of competition law and policy among BRICS nations to foster fair, competitive, and resilient market environments across sectors, including critical and emerging areas, while respecting each State's national priorities, laws and regulations," the declaration said.
The declaration noted discussions held under the theme, "Strengthening Cooperation to Promote Fair Competition, including in Renewable Energy Markets", with a view to supporting sustainable energy transitions.
It further encouraged continued cooperation among BRICS competition authorities to identify and effectively address emerging competition challenges.
The declaration highlighted that such cooperation would help safeguard "contestable and well-functioning markets" that support innovation and promote consumer welfare.
The New Delhi declaration places cooperation on competition policy, including in renewable energy markets, within the broader objective of supporting sustainable energy transitions among BRICS nations.
This comes as India is hosting the 18th BRICS summit in New Delhi over the weekend.
— ANI
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