Competition regulators of Japan & India to strengthen cooperation
New Delhi, Jul 9 (KNN) Aiming to promote and strengthen cooperation in the matter of Competition Law and Policy, The Union Cabinet approved a Memorandum on Cooperation (MoC) between the Competition Commission of India (CCI) and Japan Fair Trade Commission (JFTC) on Thursday.
The approved MoC will enable CCI to emulate and learn from the experiences and lessons of its counterpart competition agency in Japan through the exchange of information, which would enhance efficiency, according to a statement by the ministry of corporate affairs (MCA).
The same will help improve enforcement of the Competition Act, 2002 by CCI. The resultant outcomes will benefit consumers at large and will promote equity and inclusiveness.
It will envisage to promote and strengthen cooperation in the matter of Competition Law and policy through exchange of information as well as through various capacity building initiatives in the areas of technical cooperation, experience sharing and enforcement cooperation.
Section 18 of the Competition Act, 2002 permits CCI to enter into any memorandum or arrangement with any agency of any foreign country for the purpose of discharging its duties or performing its functions under the Act.