In today’s world Antimonopoly Policy has become much more significant and has attained a whole new dimension. It is not only restricted to unfair trade practises or consumer exploitation or excessive pricing or market control anymore.
The world witnessed during Covid 19 that how the monopoly status of global companies was used against humanity and the so called preachers of “fair market practises” had put the whole humanity at risks. This was evident from the time when India successfully developed the COVID 19 vaccine. These nations or organisations tried their best to force global companies to stop the supply of essential raw materials in order to prevent India from becoming a global vaccine producer.
The world is again witnessing a whole new war which is being fought by using the monopoly status of companies as a weapon. Sanctions are being imposed by the west indirectly through various companies and entities by exploiting their monopoly status and in turn profiting from them. It is no more the play of free market or fair opportunity, but the world’s fight to stop the weaponisation of nation backed monopolies.
Fortunately, BRICS leaders are very much conscious of these issues and therefore Anti-Monopoly is one of the areas where BRICS has delivered concrete results. The world is well versed with the workings and activities of BRICS Competition Law & Policy Centre.
It is also pertinent to establish the role of lawyers in this. It is lawyers who gets the laws enforced and puts the law in motion. It is the lawyers through whom the affected party takes recourse to law or to seek redressal.
Though in the case of monopoly most of the times victims of monopoly could not even know that he is a victim and that there is legal remedy for him and therefore a duty is upon us the lawyers to watch for their interests and do this proactively, without waiting them to come us.
For achieving this target lawyers from everywhere need to work in cooperation with each other. This can be achieved by involving lawyers and their leaders, industry experts in discussions with regulators when regulators are meetings. The regulators should also approach lawyers and their professional bodies to conduct by driving regular training and learning programs for legal professionals.
The lawyers and regulators and field experts should also approach various bodies and interested parties by making them aware of protection of law available to them for fair market or equal opportunity.
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