PIB News Update: The Union Cabinet, chaired by Prime Minister Shri Narendra Modi, has approved the Memorandum on Cooperation (MoC) between Competition Commission of India (CCI) and Japan Fair Trade Commission (JFTC) to promote and strengthen cooperation in the matter of Competition Law and Policy.
Impact:
The approved MoC, through 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.
Details:
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
Background:
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.