EU’s interim agreement on Digital Markets Act released

According to the latest report, European Union countries and EU lawmakers reached a landmark agreement on Thursday, known as the Digital Markets Act (DMA). Alphabet, Amazon, Apple, Meta, and Microsoft will receive without changing their core business in Europe.

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France, which currently holds the EU’s rotating presidency, said the EU had reached an interim agreement on the Digital Markets Act after eight hours of negotiations. EU Industry Minister Thierry Breton tweeted that the agreement will ensure a fair and open European digital market.

It is reported that the DMA aims to set rules for large network platforms and curb their vicious competitive behavior. EU lawmaker Andreas Schwab said: “This means that the period of government authorities’ actions behind the big tech companies in the long antitrust investigation is over.”

The agreement will cover leaders in web intermediary services, social networks, search engines, operating systems, online advertising services, cloud computing, video sharing services, web browsers, and virtual assistants, and is applicable to a market capitalization of 75 billion euros, annual Companies with a turnover of 7.5 billion euros and at least 45 million monthly users, such as Alphabet, Amazon, Apple, Meta and Microsoft, all meet these criteria.

Under DMA, these tech giants must make their messaging services interoperable and open up their data to corporate users; corporate users will be able to promote competing products and services on one platform and make deals with customers off the platform.

In addition, these companies are prohibited from providing services that favor themselves, and users will also have the right to uninstall pre-installed apps. Companies violating these rules face hefty fines of 10% of their annual global turnover, and companies with multiple violations face fines of up to 20%.

(via)