On November 27–28 , Rio de Janeiro, Brazil, hosted the 4th BRICS+ Digital Competition Forum, organized by the BRICS Competition Centre in partnership with the FGV Law School and the Brazilian competition authority, CADE, with support of the UNCTAD Research Partnership Platform.
Speaking on digital markets, CADE President Gustavo Augusto Freitas de Lima observed that “the Brussels effect” does not manifest in South America due to regional regulatory particularities, and countries do not necessarily follow the European model. In Europe, companies often propose their own remedies, which regulators subsequently approve, whereas in Latin America, authorities handle similar cases at varying speeds, complicating the establishment of harmonized obligations for companies, including within the BRICS framework.
In the photo, from left to right: Teresa Moreira, Alexey Ivanov, Gustavo Augusto Freitas de Lima © HSE University
AI emerged as a major regulatory challenge, particularly due to its high resource requirements, primarily energy. As de Lima noted:
“It is clear that AI will be extremely energy-intensive: its widespread adoption in the global economy would require the construction of approximately 100 nuclear power plants annually — a colossal energy demand. Of course, this is not limited to nuclear energy alone; other sources could be considered, but providing such volumes of ‘green’ energy will be extremely difficult, likely creating a bottleneck for many countries.”
Alexandre Ferreira, Program Director, Brazilian Ministry of Finance, highlighted that a bill currently before the Brazilian Congress introduces a flexible mechanism for pro-competitive obligations and grants CADE the authority to designate systemically important digital market participants. This status would be determined based on qualitative criteria, including market role, network effects, and activity across related sectors. A “safe harbor” provision ensures that companies with revenues below BRL 5 billion domestically or BRL 50 billion globally are exempt, allowing regulatory focus on the largest digital ecosystems.
BRICS Competition Centre Director Alexey Ivanov emphasized that not all countries possess sufficient “critical mass” to implement preventive rules on digital markets independently, as China or the European Union can, making collective action a key instrument. According to Ivanov, cooperation allows jurisdictions to overcome institutional constraints, better prioritize cases, and initiate global-scale investigations.
During a dedicated session, Ivanov delivered the report “From Fields to Futures: Competition, Financialization, and Digitalization in Global Grain Value Chains”, prepared by the BRICS Centre to support the BRICS Working Group for the Research of Competition Issues in Food Markets. The study shows that ABCD+ agritraders are creating a new type of global food-chain player: not merely trading companies but entities operating like digital ecosystem orchestrators. They are highly financialized, leverage digital tools extensively, and function more as financial institutions than traditional commodity traders, with, for example, financial services accounting for up to 80% of ADM’s revenues.
In the photo: Alexey Ivanov © HSE University
The report’s analysis of open data reveals that ABCD+ traders form complex ecosystems including strategic investors and private equity funds coordinating their operations. This structure makes existing antitrust frameworks inadequate for assessing megadeals, such as the recent Bunge–Viterra merger, Ivanov noted.
“Current regulatory methodologies poorly capture global interconnections, leading to the risk of misjudging large transactions and significant social costs,”
he said. He argued that restructuring value chains requires bold solutions and that the BRICS leaders’ initiative to create a BRICS Grain Exchange could represent a breakthrough.
“For competition authorities, whose ability to influence anti-competitive dynamics is typically limited, the political will to jointly establish an exchange offers a clear and promising path for further action.”
Exchange trading is a recognized instrument of innovative and pro-competitive economic development, emphasized Adila Vyaseleva, Deputy Head of the Federal Antimonopoly Service of Russia.
“We also share the view that no single country can effectively counter the global market power of transnational traders alone. Today, BRICS countries and their partners enjoy an advantage due to the integration of the largest grain producers and importers. Consolidating efforts will allow for the development of a unified approach to addressing challenges in the grain sector and enhance the effectiveness of the measures implemented. The FAS of Russia is ready to join in this effort.”
Teresa Moreira, Head, Competition and Consumer Policies Branch, UNCTAD, emphasized the importance of financialization in agricultural trade.
“We very much welcome the leadership of the BRICS Centre and the BRICS Plus countries. Looking ahead, I hope we can develop some concrete spin-off initiatives — for example, guidance for small and newly established competition authorities in developing countries that may find all of this new but important, and that may need a bit more support.”
Even experienced authorities, such as China’s State Administration for Market Regulation (SAMR), face significant challenges in regulating digital markets, noted Wang Jirong, Officer, Digital Economy Enforcement Division, Antimonopoly Enforcement Department I, SAMR. Key challenges include increasing data- and algorithm-related abuses, evidentiary difficulties in investigations, and the complexity of assessing firm conduct in dynamic multilateral markets. In response, SAMR is strengthening antitrust enforcement while supporting innovation, standardizing requirements, developing preventive measures, employing AI and big data, engaging experts, and drawing on international experience. New tools are also being developed, from platform guidelines to “educational” dialogues with company executives and periodic competition assessments in key sectors.
Itumeleng Lesofe, Acting Manager, Market Inquiry Division, Competition Commission of South Africa, presented the recently completed Media and Digital Platforms Market Inquiry, covering search engines, social media, and video platforms including TikTok, as well as measures taken to address identified infringements. The study found that Google’s algorithms tend to favor global news outlets, while content from South African media is used without adequate compensation, adversely affecting local media. Implementing corrective measures is complicated by reliance on EU decisions, which in some cases proved insufficient, requiring South African authorities to explore alternative approaches while maintaining dialogue with Google.
“The key takeaway is that national context always matters and should take precedence. Before adopting solutions from other jurisdictions, countries should first consider developing their own,”
the South African representative stated.
Regarding Indonesia, Fanshurullah Asa, Chairman, Indonesia's Competition Commission (ICC), highlighted key digital economy challenges, including platform and algorithmic opacity, algorithmic collusion risks, and “killer acquisitions”. In response, the ICC is enhancing expertise and collaboration with academia, business, government, and international organizations. The Commission has reviewed around 500 cases, including investigations against Google, Shopee, and TikTok, as well as a large ongoing fintech cartel case involving 79 participants.
In the photo: Alexey Ivanov, Fanshurullah Asa © HSE University
The evolution of digital ecosystems has altered the very understanding of the relevant market, noted Cielo Elainne Rusinque Urrego, Superintendent of Industry and Commerce, Colombia. In the case against Apple, the regulator preliminarily concluded that iOS and iPadOS could constitute separate markets due to their technical characteristics and the closed nature of the ecosystem. In this model, Apple effectively acts as the exclusive distributor of digital goods and the sole intermediary between developers and users, complicating traditional antitrust approaches. Additional challenges arise from overlapping markets, network effects, and platform behaviors, where firms simultaneously act as suppliers, intermediaries, and competitors.
In the photo, second from the left: Cielo Elainne Rusinque Urrego © HSE University
The Forum included sessions on ecosystem-based theories of harm and the impact of digitalization on value chains. On the second day, a training session titled “Digital Platforms & Critical Trade” was moderated by Elena Rovenskaya, Program Director at the International Institute for Applied Systems Analysis (IIASA). Experts discussed how digital platforms are moving beyond social media and e-commerce to become key infrastructure elements of the global economy. Using systems mapping, participants examined the global grain market to assess how platforms such as Covantis and Tract influence trading mechanisms and the logistics of critical goods, as well as the related pro-competitive opportunities and antitrust risks.
The BRICS+ Digital Competition Forum is a collaborative event focused on key competition issues related to the digital economy. The Forum aims to address challenges, share insights and promote cooperation between BRICS jurisdictions. The opportunity provides a platform for competition authorities, academics and civil society to exchange ideas and explore harmonized approaches to navigating the complexities of the modern digital economy.
