Leaders of the Group of Seven (G7) developed countries have decided to work together to look for early warning indicators of changes that could lessen competition in digital marketplaces. Following discussions about issues related to digital markets at the G7 Competition Authorities and Policymakers Summit in Hiroshima, Japan, the announcement was made. The Federal Trade Commission and the Antitrust Division of the U.S. Justice Department both attended the meeting.
The communiqué made clear that network effects, economies of scale, digital ecosystems, and the accumulation of massive amounts of data have the potential to enhance entry barriers, tipping, and domination in digital markets, hence raising concerns about competition. The G7 stressed how critical it is to comprehend new technologies in order to respond quickly and appropriately to avoid harm. Three documents were produced during the meeting: an inventory of new regulations for digital markets created by the Organisation for Economic Co-operation and Development (OECD) and an accompanying analysis note. In order to safeguard competition in digital marketplaces, participants agreed to exchange updates on legislative modifications, policy advancements, institutional adjustments, and enforcement advancements.
