G7: Released G7 Competition Authorities communique on digital competition including commitment to address competition concerns arising from emerging technologies

On 8 November 2023, the Competition Authorities and policymakers from the Group of Seven (G7) issued a communique on digital competition including a commitment to address concerns arising from emerging technologies following the Competition Policy Makers and Enforcers Summit. The summit focused on discussions about competition within digital markets, aiming to foster competitive markets and effective enforcement of competition laws. Within the communique, emphasis was placed on the significance of competition in the digital sector. There was a determination expressed to safeguard and promote free competition, particularly in rapidly evolving technologies such as generative artificial intelligence (AI), blockchain, and the metaverse. The objective outlined was to employ competition law and regulatory tools in digital markets to address concerns such as exclusionary or exploitative practices by digital firms, barriers reinforcing and sustaining incumbents, and issues such as “killer acquisitions”. Additionally, the parties committed to enhancing institutional capabilities and allocating resources to ensure the application of competition principles in digital markets and emerging technologies.