The Egyptian Competition Authority (ECA) has hosted the Meeting of the BRICS Working Group for the Research of Competition Issues in Food Markets to discuss challenges in global food supply chains and grain trade. The meeting, took place on February 10-11, centered on anti-competitive practices and strategies for market stability and fair pricing, ECA said in a statement on Monday. The event was jointly organised by the International BRICS Competition Law and Policy Centre and the ECA. The BRICS Working Group on Competition Issues in Food Markets is co-chaired by Russia's Federal Antimonopoly Service (FAS) and South Africa's Competition Commission. Over two days, officials and experts from BRICS competition authorities explored ways to curb monopolistic control over the international grain trade, enhance market efficiency, and ensure affordable food access for consumers worldwide. Discussions highlighted the domination of global grain markets by a few key players, leading to supply chain disruptions and price fluctuations. Participants stressed the need for joint regulatory measures to promote fair competition, stabilise food supply chains, and protect consumers from price manipulation. ECA Chairman Mahmoud Momtaz underscored the urgency of strengthening market competitiveness, particularly in light of political and economic volatility. He highlighted Egypt's strategic role as a major grain importer and emphasised the importance of leveraging BRICS' collective purchasing power to counter market imbalances. Several proposals were put forward to address cross-border monopolistic practices, introduce sustainable pricing mechanisms, and establish alternative trade routes to reduce dependency on dominant market players. Egypt's Growing Role in BRICS Economic Strategies Egypt, which officially joined BRICS in early 2024, has taken a proactive role in shaping the group's economic and trade policies. In February 2024, the Nrth country hosted an international workshop themed Global Food Value Chains: Focus on the Global Grain Trade that gathered the representatives of antimonopoly authorities and academia from Russia and Egypt, reinforcing its commitment to fair trade and market regulation within the bloc. Attribution: Amwal Al Ghad English Subediting: Y.Yasser
