G7 competition authorities reach a common understanding of the challenges posed by the digital economy
July 18, 2019 – OTTAWA, ON – Competition Bureau
Today, competition authorities of the G7 countries and the European Commission released a common understanding highlighting opportunities and challenges raised by the digital economy.
The rapid pace of digital innovation continually transforms the global economy and brings unprecedented opportunities for businesses and consumers worldwide. The digital economy also raises new questions and challenges from a competition perspective.
Acknowledging that the benefits of the digital economy will be maximized in competitive markets, agreements amongst the G7 competition authorities include:
- Robust competition frameworks can help unlock the benefits of the digital transformation while safeguarding consumer trust in the marketplace.
- The challenges of digital transformation require competition authorities to ensure that their specific tools, resources and skills are fit for purpose.
- Governments should assess whether policies or regulations unnecessarily restrict competition in digital markets.
- Given the borderless nature of the digital economy, competition authorities must emphasize cooperation with their international counterparts.
“I want to acknowledge the leadership of the Autorité de la concurrence on the Common Understanding, as well as the work of our G7 counterparts. The Common Understanding demonstrates our shared agreement of the importance of competition authorities keeping pace with the digital world.”
Commissioner of Competition
The G7 is a group consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States of America.
The competition authorities agreed on the principles of the Common Understanding on June 5, 2019.
The Finance Ministers and Bank Governors of the G7 and the European Commission welcomed the Common Understanding on July 18 in Chantilly, France, where they met to discuss the challenges of the digital economy.
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