G7 Unveil Digital Economy Competition Common Understanding
The U.S. and the other G7 nations signed a common understanding on digital economy competition (see here), DOJ said Thursday. It includes an agreement that competitive markets are vital to well-functioning economies, that digital transformation requires competition authorities to have…
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up-to-date tools and resources for enforcement, that governments should assess whether policies or regulations unnecessarily restrict digital market competition, and that there needs to be more international cooperation and convergence in competition law application. There has been concern about data accumulation by platforms being a barrier to competitive entry, but such issues -- while challenging -- "are not beyond the reach of competition law," it said, and the G7 nations will continue to collaborate on such issues. FTC Chairman Joe Simons said the understanding "recognizes the importance for competition agencies to examine enforcement and policy issues raised by evolving business practices and emerging technologies in light of the goals of protecting consumers and promoting competition."