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The Union Cabinet on Wednesday approved the signing of memorandum of understanding (MoU) between the Competition Commission of India (CCI) and Egyptian Competition Authority (ECA). The Union Cabinet meeting was chaired by Prime Minister Narendra Modi.
According to a statement by the ministry of corporate affairs, the MoU envisages promotion and strengthening of cooperation in competition law and policy through exchange of information, and sharing of best practices as well as through various capacity-building initiatives. The MoU also aims to develop and strengthen linkages between CCI and ECA, and learn and emulate from each other's experiences in the enforcement of competition law in their respective jurisdictions through experience sharing and technical cooperation. The agreement, through the exchange of enforcement initiatives, would enable CCI to emulate and learn from the experience and lessons of its counterpart competition agency in Egypt which would help improve enforcement of the Competition Act, 2002, by CCI, according to the ministry of corporate affairs. The resultant outcomes would benefit consumers at large and promote equity and inclusiveness. The statement said, "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." Accordingly, the present proposal relates to signing of MoU between CCI and EGA. (ANI)
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