Over the last 12 months, merger control and foreign direct investment has dominated the headlines. In 2022, we saw macro-economic conditions worsen as a result of political instability and the energy and cost of living crises, together with a continued reversal of the globalisation trend of the last decade. As we move into 2023, we can expect global merger control and foreign direct investment agencies to continue to embrace a bold and more interventionist stance to protect consumers and advance broader societal goals. In this newsletter, we summarise the key issues that dealmakers need to be aware of in 2023.