The UK regulator, Competition and Markets Authority (CMA), has joined forces with four other nations to combat supply chain price surges. The collaboration aims to address the rising costs of goods and services, which have been attributed to the COVID-19 pandemic.
The CMA has partnered with the Australian Competition and Consumer Commission, the New Zealand Commerce Commission, the Canadian Competition Bureau, and the US Federal Trade Commission. The five regulators will work together to share information and best practices, as well as coordinate enforcement actions.
The collaboration comes as businesses across the globe face supply chain disruptions and rising costs due to the pandemic. The CMA has already launched investigations into price gouging and unfair trading practices in the UK, and the partnership with other regulators will help to address these issues on a global scale.
The CMA’s Chief Executive, Andrea Coscelli, said: “The COVID-19 pandemic has had a significant impact on businesses and consumers around the world. By working together with our international partners, we can better understand the challenges facing our economies and take coordinated action to protect consumers and promote competition.”
The partnership will focus on a range of sectors, including healthcare, food and drink, and digital markets. The regulators will also share information on emerging issues, such as the use of algorithms and artificial intelligence in pricing decisions.
The collaboration has been welcomed by consumer groups, who have called for greater international cooperation to address the challenges posed by the pandemic. The partnership is expected to lead to more effective enforcement of competition laws and greater protection for consumers.
The CMA has a strong track record of enforcing competition laws in the UK, and the partnership with other regulators will help to extend its reach and impact. The collaboration is a positive step towards addressing the challenges posed by the pandemic and ensuring that consumers are protected from unfair trading practices and price surges.