International Chamber of Commerce UAE Chapter issued the following announcement on April 22.
ICC has issued a set of competition policy and enforcement measures aimed at contributing to an effective COVID-19 response.
The paper was developed by the ICC Commission on Competition in line with ICC commitments to help chart an effective international response to the COVID-19 pandemic.
Commending bold steps already taken by governments to put in place short-term measures to buffer shocks to the health system, the economy and financial markets, the paper underscores the importance of upholding competition rules during the crisis, to avoid exploitation and anti-competitive business conduct.
The framework paper comprises policy measures already adopted or under consideration in many countries and aims to help governments and competition agencies minimise the negative economic impacts caused by the crisis while protecting fundamental economic and market structures necessary for a post-crisis recovery.
“ICC…encourages governments and competition agencies to explore how competition law enforcement can support economic policies aimed at overcoming the adverse economic effects caused by the COVID-19 crisis during the management of the immediate crisis, and as economies emerge from lockdown and look to rebuild,” the paper states.
The ICC paper also calls for more far-reaching cooperation in some sectors to sustain innovation and growth post-recovery and encourages some flexibility during and post crisis – while safeguarding the application of the rules to spot anti-competitive behaviour – to support trade and investment.
ICC brings together over experts in the field of competition law to develop support ICC’s role as trusted private sector partner for business, governments and international organisations. As such, the ICC Commission on Commission is recognised as a venue for exchange and innovation, and is the voice of business on competition law issues within intergovernmental forums such as the European Union, ICN and the OECD, as well as competition agencies.
Read the ICC call to action on COVID-19 and competition.
Original source: https://iccwbo.org/media-wall/news-speeches/icc-calls-for-upholding-competition-landscape-in-face-of-covid-19/
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