Cabinet approves memorandum on cooperation between India and Japan
Update: 08 Jul 2021 21:14 STI
New Delhi [India], July 8 (ANI): The Union Cabinet on Thursday approved a Memorandum of Cooperation (MoC) between the Indian Competition Commission (ICC) and the Japanese Fair Trade Commission (JFTC) to promote and strengthen cooperation in competition law and policy.
A statement released Thursday by the Ministry of Commercial Affairs said that the approved MoC, through the exchange of information, will allow CCI to emulate and learn from the experiences and lessons of its counterpart in Japan, which would improve its efficiency.
“This will help improve CCI’s enforcement of the Competition Act 2002. The resulting results will benefit consumers in general and promote fairness and inclusion,” he added.
The Ministry of Commerce will consider promoting and strengthening cooperation in competition law and policy through the exchange of information as well as through various capacity building initiatives in the areas of technical cooperation, sharing of knowledge. experiences and cooperation in enforcement, the official statement said.
Section 18 of the Competition Act 2002 allows the ICC to enter into any memorandum or arrangement with any agency of any foreign country for the purpose of carrying out its functions or performing its functions under the law. (ANI)