This marks the first competition meeting hosted by Egypt after its official joining of the BRICS group earlier this year
Heads and officials of the competition authorities and experts from the member countries of the BRICS met on Wednesday 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 marks the first competition 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.
Chairman of the Egyptian Competition Authority, Mahmoud Momtaz, 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.
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.
Egypt was officially invited to join BRICS in August, and was an official member in January 2024.
