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. Last Updated: 07/27/2016

Artemyev Sees BRIC Cartel Risk

Federal Anti-Monopoly Service chief Igor Artemyev said Tuesday that Brazil, Russia, India and China needed to cooperate more on antitrust matters because their economies are particularly susceptible to the formation of cartels.

He was speaking at the BRIC International Competition Conference, which opened Tuesday in Kazan. Representative from non-BRIC states were also present, including from Germany, Ukraine and the United States.

“A high concentration of production sites, underdeveloped market institutions, significant state involvement in the economy, and the attractiveness of our economies for big business make our countries vulnerable to the creation of cartels,” Artemyev warned.

The participants agreed that multilateral working groups would be created to cooperate on certain laws and practices concerning competition, he said.

Separately, the Russian and Brazilian anti-monopoly bodies signed a program of cooperation for regulation in the oil industry for 2010 and 2011. The participants also agreed to meet regularly.

The conference was the first time the BRIC officials met to discuss concrete cooperation after their heads of state gathered in Yekaterinburg on June 16 for a summit.

That meeting was confined to symbolic gestures, but the participants agreed to cooperate on reforming the global financial system.