The Union Cabinet on Thursday approved a Memorandum on Cooperation (MoC) between the Competition Commission of India (CCI) and Japan Fair Trade Commission (JFTC) aimed at promoting and strengthening cooperation in the matter of Competition Law and Policy.
A statement issued by the Ministry of Corporate Affairs on Thursday stated that the approved MoC, through the exchange of information, will enable CCI to emulate and learn from the experiences and lessons of its counterpart competition agency in Japan which would enhance efficiency.
"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 added.
The MoC 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, said the official release.
Section 18 of the Competition Act, 2002 permits the 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.
( With inputs from ANI )
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