Markets Wired

Federal Trade Commission Chairman Joseph J. Simons has issued the following statement about the Common Understanding of G7 Competition Authorities on Competition and the Digital Economy, which France’s competition authority, the Autorité de la Concurrence, released today following the G7 Finance Ministers and Central Bank Governors meeting in Chantilly, France. The FTC worked with its G7 counterparts to draft these principles, which recognize innovation, sound competition analysis, competition advocacy, and international cooperation as keys to promoting the benefits of competition in the digital economy:

“The Common 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,” said Chairman Simons. “The FTC welcomed this opportunity to engage with our international counterparts to advance collaboration and convergence toward sound competition policies and principles in the context of the digital economy.”

Besides the FTC, the Antitrust Division of the Department of Justice, and France’s Autorité de la Concurrence, the G7 competition authorities also include Italy’s Autoritá Garante della Concorrenza e del Mercato, Germany’s Bundeskartellamt, Canada’s Competition Bureau, the United Kingdom’s Competition and Markets Authority, the European Commission’s Directorate General for Competition, and the Japan Fair Trade Commission.

The Federal Trade Commission works with foreign governments to promote international cooperation and sound policy. Like the FTC on Facebook, follow us on Twitter, and subscribe to press releases and the FTC International Monthly for the latest FTC news and resources.