Context:
Global experts gathered at the World Trade Organization (WTO) headquarters on World Competition Day 2024 to discuss how trade and competition policies can help reduce socio-economic inequalities
- World Competition Day (WCD) is an annual event celebrated on December 5th by competition agencies, civil societies, and development organizations worldwide.
- The focus of 2024 was on promoting open trade, strong competition enforcement, and international cooperation to achieve inclusive and sustainable economic growth.
- Global Theme-2024: “Competition Policy and Inequality”.
- Key Topics Discussed:
- Inclusiveness through Trade: While trade has helped reduce income gaps between nations, benefits within nations are uneven.
- Complementary Policies: Education, income redistribution, and competition enforcement are crucial to ensure fairness.
- Risks of Protectionism: Protectionism increases trade costs, reduces market choices, and harms consumers. Open trade policies are advocated instead.
- Role of Competition Policy:
- Drives innovation, market access, and fairness.
- Tackles challenges like digital monopolies, monopsony power, and sustainability.
- Calls for updated legal frameworks and regional initiatives like those from COMESA.
- Market and Labor Issues:
- Discussion on market concentration and labor collusion.
- Tools like market studies and consumer action mechanisms are vital for accountability.
- Government Recommendations: Align competition policies with broader economic strategies, including education and social welfare reforms.
- International Cooperation: Calls for enhanced cooperation to support developing nations in addressing systemic inequalities.
The event emphasized the need for a global effort to create a fairer, more inclusive trade and competition environment.