Trade associations must operate within the framework of competition law, as their significant influence can sometimes result in unintended consequences like facilitating anti-competitive agreements or practices, said Ravneet Kaur, Chairperson of the Competition Commission of India (CCI).
Addressing a regional workshop organised by the CCI in collaboration with the Merchants’ Chamber of Commerce & Industry (MCCI) in Kolkata, Kaur emphasised the CCI’s commitment to proactive and collaborative engagement with trade associations to uphold compliance with competition laws.
Kaur highlighted the instrumental role played by trade and industry chambers in providing a platform for engaging in open dialogue and exchanging ideas that drive our economy forward while maintaining a level playing field.
Referring to the recent reforms effected in the competition law regime, she pointed out that regulatory landscape has evolved significantly with the introduction of the Competition Amendment Act, 2023, to address the emerging challenges and strengthen our commitment to making India a global hub for business.
These transformative amendments have been implemented by the CCI. Specifically, she highlighted that introduction of commitments and settlements regime is a game changer in how competition law is enforced. This mechanism enables businesses to voluntarily offer solutions that address competition concerns without undergoing lengthy legal proceedings. It allows for quicker market corrections, conserving regulatory resources, and provides businesses an opportunity to avoid adversarial proceedings.
Kaur expressed confidence that the Workshop will serve as a platform to foster meaningful discussions, enhance understanding, and build synergies between regulators and industry participants. Competition law continues to serve as a catalyst for innovation, economic growth, and consumer welfare, she noted.