LONDON—The challenges to the world’s regulators in overseeing digital markets was the focus of the Competition Enforcers Summit here. The Federal Trade Commission and the Department of Justice’s Antitrust Division represented the U.S. at the event.
The meeting is part of the 2021 G7 Digital and Technology Track. The Summit, hosted by the U.K. Competition and Markets Authority, explored how competition agencies are approaching the challenges posed by digital markets.
According to the FTC, the agencies at the Summit discussed common areas of interest and opportunities for potential collaboration on issues such as large digital platforms, app stores, online marketplaces, digital advertising, mobile ecosystems, cloud computing, and algorithms.
In addition to the U.S. and U.K., other participating delegates from G7 countries included Canada, France, Germany, Italy, and Japan, plus the European Commission, and 2021 G7 invitees from Australia, India, South Africa, and South Korea.
‘Anti-Monopoly Work’
“As competition enforcers around the world tackle unlawful conduct in digital markets, we face similar challenges and opportunities. Coming together through the G7 to collectively learn from these experiences and share expertise can boost our anti-monopoly work worldwide,” said FTC Chair Lina M. Khan. “Together, the FTC and its G7 partners seek to deepen our knowledge, refine our tools, and redouble our enforcement efforts to target unfair methods of competition in digital markets.”
Added Assistant Attorney General Jonathan Kanter, “There is a great deal of urgency among global competition law enforcement authorities to confront the daunting challenges presented by data-driven technologies. This Summit is an important step forward in our effort to ensure that our antitrust law enforcement tools are fit for purpose in a modern digital economy and reflect market realities.”
The Summit also provided an opportunity to consider areas for increased cooperation and coordination among competition agencies and reflect on how best to use agency skills, knowledge, and resources to deal with challenges in digital markets, the FTC said.