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India and European Union today entered into an agreement that will facilitate exchange of information related to competition issues and ensure non- discriminatory enforcement of such laws.
Competition Commission of India and European Commission's Directorate General for Competition inked the Memorandum of Understanding (MoU) on the co-operation. European Commission represents the interests of the EU, a grouping of 28 nations.
The agreement provides for "enhancement of the effective, transparent and non-discriminatory enforcement of the competition laws in the European Union and India," an official release said.
The pact comes at a time when there are rising instances of anti-competitive behaviour in the market place.
CCI and European Commission's DG (Competition) would take steps to minimise any potentially adverse effects of one side's enforcement activities on the other side's interests in the application of their respective competition laws.
Both sides will implement the provisions of the MoU on a voluntary basis.
They will exchange non-confidential information, experiences and views pertaining to competition policy and enforcement, operational issues, multi-lateral initiatives, advocacy and technical co-operation.
According to the release, India and EU will meet to discuss current issues, experiences and new developments of mutual interest with respect to competition policy development, legislation and enforcement.
The MoU was inked by CCI Chairman Ashok Chawla and EU Vice President for Competition Joaquin Almunia on the sidelines of the third BRICS International Competition Conference here.
