The United States and India have signed a Memorandum of Understanding (MoU) on antitrust cooperation that aims to facilitate greater cooperation between the U.S. and Indian competition authorities. The Chairperson, Federal Trade Commission (FTC), Jon Leibowitz, and the United States Department of Justice Acting Assistant Attorney General Joseph Wayland from the US side, and Competition Commission of India Chairman Ashok Chawla and a senior official of the Ministry of Corporate Affairs (Government of India) signed the MOU in Washington yesterday.
The signing took place in the presence of senior officers from the US Department of State, the US Federal Trade Commission, US Department of Justice and the Embassy of India. The U.S. and Indian competition authorities desire to enhance the effective enforcement of their competition laws by creating a framework that provides for enforcement cooperation. The two countries have recognized that it is also in their common interest to work together in technical cooperation activities related to competition law enforcement and policy.
The U.S. and Indian competition authorities intend to cooperate to enhance the effective enforcement of their competition laws, to share and to keep each other informed of significant competition policy and enforcement developments. They also plan to evaluate the effectiveness of the cooperation under this Memorandum on a regular basis to ensure that their expectations and needs are being met. This cooperation aims to enhance an environment in which the sound and effective enforcement of competition law and policy supports the efficient operation of markets and economic welfare of the citizens.
The cooperation between the two countries shall also establish good communications between the U.S. and Indian competition authorities on competition law and policy towards improving and strengthening the relationship between the two countries. (ANI)
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