CCI signs MoUs with global regulators to strengthen competition law cooperation
New Delhi, March 24 (IANS) The Competition Commission of India (CCI) on Monday said that it has signed several bilateral and multilateral Memoranda of Understanding (MoUs) with global regulators to enhance cooperation in competition law enforcement.
These agreements aim to strengthen collaboration in tackling anti-competitive practices across borders.
The MoUs have been signed with competition authorities in Egypt, Mauritius, Japan, Brazil, Canada, Australia, the European Commission, and the United States Department of Justice (DOJ).
Additionally, India is part of BRICS, where competition law cooperation plays a key role in ensuring fair market practices. These agreements include provisions for enforcement cooperation, subject to the legal and regulatory frameworks of each country.
The Indian government has also incorporated competition-related provisions in 14 Free Trade Agreements (FTAs) with trading partners.
These agreements ensure that participating countries take appropriate measures against anti-competitive activities to facilitate smooth trade and investment.
Over the past five financial years, the CCI has investigated 35 cartel cases across various sectors.
To enhance its enforcement, the Competition (Amendment) Act, 2023, introduced the ‘lesser penalty plus” (LPP) mechanism, encouraging whistleblowers within cartels to disclose additional information about other undisclosed cartels.
This move aims to break cartel networks and improve transparency in the market. The amendment also introduced the ‘hub & spoke mechanism’, expanding the scope of cartel investigations.
This provision allows the CCI to take action against businesses or individuals who may not be directly engaged in similar trade but play a role in facilitating anti-competitive agreements.
Apart from enforcement, the CCI actively conducts market research and advocacy programmes to prevent unfair practices.
It has conducted 1,446 advocacy programmes in the past five years, promoting awareness about competition laws among businesses and stakeholders.
Earlier this month, the Minister of State for Corporate Affairs, Harsh Malhotra, said that the CCI is making significant progress in curbing unfair business practices by dominant companies.
“It is important to watch the interest of stakeholders, including MSMEs, to provide them with fair opportunities to compete and innovate,” the Minister said while speaking at the 10th National Conference on Economics of Competition Law in the national capital.
–IANS
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