Washington D.C. – A shocking new deal has been signed between the US Federal Trade Commission (FTC) and the Competition Commission of India (CCI) to promote cooperation and communication among competition agencies in both countries.
The ceremony took place in Washington, D.C. and was signed by Acting Assistant Attorney General Joseph Wayland of the Antitrust Division, Chairman Jon Leibowitz of the FTC, Indian Ambassador to the United States Nirupama Rao on behalf of the Indian Ministry of Corporate Affairs and CCI Chairman Ashok Chawla.
“We value our relationship with the Indian Ministry of Corporate Affairs and the Competition Commission of India,” said Acting Assistant Attorney General Wayland. “We know that this memorandum of understanding will enhance that relationship in the years ahead, as we work together to ensure that markets are open and competitive, by identifying and remedying anticompetitive behavior,”
Chairman Leibowitz added, “We are delighted to enter into this memorandum of understanding with the Indian Ministry of Corporate Affairs and the Competition Commission of India. It will strengthen the already excellent relations among the U.S. and Indian competition authorities by further facilitating cooperation on policy and enforcement matters.”
The MOU establishes a framework for the US antitrust agencies and the Indian competition authorities to consult on matters of competition enforcement and policy. It also contemplates periodic meetings among officials to exchange information on policy and enforcement priorities.
The MOU is a framework for voluntary cooperation and will not change existing law in either country. India adopted its modern competition law in 2002, and the law’s main provisions were put into effect between 2009 and 2011.
Key provisions of the MOU address cooperation and communication between the agencies. They include keeping each other informed of significant competition policy and enforcement developments, establishing a framework for technical cooperation, and recognizing the benefits of cooperation on related matters.
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