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Competition Bureau

07/18/2019 | Press release | Distributed by Public on 07/18/2019 09:32

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 understandinghighlighting 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:

  1. Robust competition frameworks can help unlock the benefits of the digital transformation while safeguarding consumer trust in the marketplace.
  2. The challenges of digital transformation require competition authorities to ensure that their specific tools, resources and skills are fit for purpose.
  3. Governments should assess whether policies or regulations unnecessarily restrict competition in digital markets.
  4. Given the borderless nature of the digital economy, competition authorities must emphasize cooperation with their international counterparts.