World Competition Day 2024: Trade, competition, and inequality

The World Competition Day 2024, co-hosted by leading Indian think tank CUTS International, UNCTAD, and the WTO, convened global experts at the WTO headquarters to discuss the critical intersection of trade, competition, and inequality. The event raised the question as to how trade and competition policies can be designed and deployed to address deepening socio-economic inequalities.

Pradeep S. Mehta, Secretary General of CUTS International, opened the discussions by highlighting how trade policy and competition policy can deal with economic inequalities, both among nations and within nations. He called for strengthened efforts to address these issues through global cooperation. Moderated by Suddha Chakravartti, Director of CUTS International, Geneva, the event featured insights from esteemed experts, including Roberta Piermartini (WTO), Vincent Martenet (University of Lausanne), Elizabeth Gachuiri (UNCTAD), and Kondwani Kaonga (COMESA Competition Commission).

Discussions explored the role of trade in fostering inclusiveness between and within economies. While trade has contributed significantly to income convergence between nations, the benefits have often been unevenly distributed within economies. Complementary policies, such as education, income redistribution, and robust competition enforcement, were identified as essential to ensure inclusiveness at all levels.


Panellists also addressed the dangers of protectionism, warning of its adverse effects on trade costs, market diversification, and consumer access to affordable goods. Instead, they advocated for open trade policies, supported by both domestic and international frameworks, as a sustainable solution to address economic inequalities.

The event highlighted the vital role of competition policy in driving innovation, enhancing market access, and promoting equity. Challenges such as digital monopolies, monopsony power, and sustainability issues were discussed, emphasizing the need for adaptive legal frameworks and regional integration initiatives like those of COMESA. Panellists also examined market concentration and labour collusion, identifying tools like market studies and consumer action mechanisms as critical for ensuring accountability and equity in markets.

Governments were encouraged to align competition policies with broader economic strategies, including education, mobility, and social welfare reforms. Panellists called for urgent attention to under-regulated sectors such as digital platforms and labour markets, while international organizations were urged to enhance cooperation and support for developing nations to address systemic inequalities effectively.

World Competition Day 2024 served as a powerful reminder of the need for a concerted global effort to bridge inequalities and create a fair and inclusive trade and competition environment, according to CUTS International.