The U.S. Justice Department and Federal Trade Commission signed an antitrust memorandum of understanding (MOU) with India’s Ministry of Corporate Affairs and the Competition Commission of India on Thursday to promote increased cooperation and communication among competition agencies in both countries.
“We value our relationship with the Indian Ministry of Corporate Affairs and the Competition Commission of India. We know that this memorandum of understanding will enhance that relationship in the years ahead, as we work together to ensure that markets are open and competitive, by identifying and remedying anticompetitive behavior,” said Acting Assistant Attorney General Joseph Wayland, in a statement.
Key provisions of the MOU include:
- Cooperation - The MOU provides that U.S. antitrust agencies and Indian authorities will work to keep each other informed of significant competition policy and enforcement developments in their jurisdictions, and establishes a framework for technical cooperation. The MOU also recognizes that when the U.S. and Indian competition agencies are investigating related matters, it may be in their common interests to cooperate.
- Communication - The MOU establishes a framework for the U.S. antitrust agencies and Indian competition authorities to consult on matters of competition enforcement and policy. It also contemplates periodic meetings among officials to exchange information on policy and enforcement priorities.
The MOU is a framework for voluntary cooperation and will not change existing law in either country, the Justice Department said.
India adopted its recent competition law in 2002, and the law’s main provisions were put into effect between 2009 and 2011.