ECA conference: Experts highlight role of competition law in driving economic growth
At the Egyptian Competition Authority's (ECA) second annual conference on Monday, experts underscored the critical role of competition law in addressing global economic and social challenges and promoting sustainable growth.
Alexey Ivanov, Director of the International BRICS Competition Law and Policy Centre and Academic Supervisor of the HSE Technology Transfer Centre, stressed the importance of competition authorities in navigating today's complex global landscape.
In his speech, Ivanov pointed to significant challenges in the global grain market, particularly a lack of transparency and monopolistic practices by major traders. He called for urgent structural reforms, advocating for the establishment of a more transparent and efficient grain exchange platform to better protect the interests of consumers and importing nations.
Ivanov also highlighted Egypt's strategic position as a bridge between regions and its potential role in working with BRICS countries to enhance transparency and strengthen market regulations, particularly within the grain sector. He concluded by urging greater international cooperation among competition authorities to support sustainable economic growth that benefits both developing countries and consumers.
Meanwhile, Maxim Yermalovich, the Eurasian Economic Commission (EEC) Minister in charge of Competition and Antitrust Regulation, emphasized Egypt's importance as a key partner of the Eurasian Economic Union (EAEU) in the Arab world and Africa.
Speaking at the conference, Yermalovich noted the strong trade ties between Egypt and EAEU member states, with bilateral trade surpassing $8bn last year — a testament to the positive momentum in their economic relations.
He also praised Egypt's active participation in regional initiatives such as the African Continental Free Trade Area (AfCFTA) and COMESA, as well as its recent accession to the World Trade Organization, all of which further enhance its cooperation with the EAEU. Yermalovich highlighted ongoing efforts to deepen collaboration through joint meetings on cross-border competition issues and the development of new mechanisms to promote fair practices in international markets, particularly in e-commerce and goods markets, contributing to global trade stability.
William Kovacic, Professor of Competition Law at George Washington University and former Chair of the US Federal Trade Commission, also addressed the conference, describing competition as a fundamental driver of economic performance.
Kovacic explained that competition fosters innovation, drives down prices, and improves product quality, all of which are essential for sustainable economic growth. He cited public procurement — which accounts for about 15% of Egypt's GDP — as a prime example where enhancing competition could yield significant benefits across sectors such as education, healthcare, transportation, and infrastructure.
Highlighting the broader social impact of competition policy, Kovacic stated: 'By relying on free markets, competition laws ensure that citizens fairly share in economic growth, creating an environment where individuals can succeed and reach their full potential, ultimately enhancing societal well-being.'
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The reality is that the most prominent challenges we currently face are economic and our limited capabilities. However, from a purely scientific perspective, there are significant problems affecting the domestic situation, even if their cause is external, such as the water issue and the Grand Ethiopian Renaissance Dam (GERD), which Ethiopia has proceeded with building. Hence, Boutros Boutros-Ghali's view on this matter focused on the importance of the Arab region without neglecting relations with Africa, as Egypt's life is linked to openness towards the African continent. This leads us to the challenges of Egyptian foreign policy in Africa and the Arab world. I believe that Egypt's current approach of diversifying international relations is a very good direction, but it shouldn't be limited to a specific capital or region. This also doesn't mean excessive overstretch, where we become unable to control things, as challenges require setting priorities and dealing with them in a manner commensurate with capabilities. Egypt is distinguished by its geographical location, which makes it a focus of interest for everyone who views it as 'too expensive to fail,' meaning the failure of a country like Egypt cannot be accepted. This is what drives the International Monetary Fund (IMF) to deal with Egypt. The aid that comes to the country is not a 'favor,' but rather its purpose is to protect the borders of donor countries against illegal immigration. However, this does not negate the necessity of achieving economic reform and self-sufficiency, away from reliance on aid, which creates dependency and undermines the ability of recipient countries to play an independent role. Some ministers in past decades found it easy to incur debt, considering it a solution to the problem. The unfortunate reality is that these debts affect the budget, especially the interest on these debts. A portion of the money we repay is debt service funds, like interest, not the principal debt itself. Historically, the basis of British colonialism was debt; before 1882, before the British entered Egypt, there was a meeting of the Egyptian government's cabinet attended by experts from Egypt and England, with the aim of approving internal Egyptian policy because the country was indebted at the time. I tell my students that the IMF dictates the economic policies of debtor countries. It is the one that forces governments to adopt a market policy, where all goods and services are at market prices. The reality is that we are in a weak position, and the Fund is sometimes right about the importance of economic reform. But from our side, we must also focus on exports, not just real estate, despite its importance in attracting foreign currency. I have colleagues at the Fund whom I urge to abandon traditional theory, given the new challenges that must be considered, as well as the situation of individuals in debtor countries. Some populations cannot bear the high cost of education. If we don't support education, there will be an ignorant populace. Therefore, we should choose the ordinary Islamic theory which states that one should choose the lesser harm, and it is not always necessary to follow the traditional theory that states raising the cost of everything to reduce consumption. How can people abandon education? Thus, I offer recommendations to the Fund to adapt traditional theory according to the conditions of the people, and for their part, governments, to try to achieve some reforms. ■If you were to paint a picture of the future for this region, given the current conflicts and surrounding risks, how would you detail these scenarios? I'd like to point out something that many Arab colleagues don't often touch upon: external intervention is a significant problem, not to be underestimated. We suffered from colonialism for many years, and colonialism, or external control, still exists in some form. Now, Israel has become a state imposed from outside, existing as one that aids external powers. Tel Aviv justifies its existence to the US by claiming it's doing what Washington wants done on its behalf. One could say Israel is America's aircraft carrier in the region. So, there's no doubt that external factors influence the region, but we also shouldn't overlook internal factors. The region is fraught with problems, starting from population issues and water scarcity, leading up to political challenges. Some Arab regimes are still primarily concerned with tightening their grip on power while neglecting society. Syria is the prime example of this. In political science, there's an important theory called 'F-States,' short for 'Fragile Failed States.' Some Arab countries suffering from internal problems weaken the Arab world's ability to assert itself. In the 1967 war, Israel controlled the battle within the first hour and a half or two hours, primarily through its air force, by bombing Egyptian aircraft on the ground. Once air superiority was achieved, the battle was over. The truth is, the 1967 defeat wasn't just the problem; it was the level of the defeat, one of the reasons for which was the level of education. Some conscripts didn't even know how to operate tanks, so they would jump out of them. That's why after 1967, conscription focused on university graduates. Initially, they would serve for one year, but then they continued their service for six to seven years. Hence, when Moshe Dayan was asked after the 1973 war about the reasons for their losses compared to their gains in '67 and what had changed in Israel's forces, Dayan said that his forces hadn't changed, but what had changed were the Arabs. Therefore, the internal front is crucial: education, health, and the economic situation. Without supporting these factors, a state falls into the trap of becoming a 'fragile state.' Many, in reality, speak only of external factors, neglecting the internal factors which are of great importance. A state's openness to its society also gives it the strength to resist external factors. Authoritarian states might succeed for a period, but they eventually fade away. Syria, as an Arab power, is now paralyzed and will remain so for some time. Bashar resisted change and imposed himself, which negatively impacted society and led to its deterioration. Israel capitalized on this, dismantling the Syrian army's infrastructure and seizing the Golan Heights. Now, it's conducting strikes near the presidential palace – I believe there's no stronger message than that. I re-emphasize that strengthening the internal front materially (in terms of education, health, and economy) and morally (in terms of the relationship between the authorities and society) is of utmost importance.
