Washington, DC – The United States and India inked a Memorandum of Understanding (MoU) at a ceremony here on Sept 27 to promote increased cooperation and communication among competition authorities in both countries.
The MoU was signed by Federal Trade Commission (FTC) Chairman Jon Leibowitz, Acting Assistant Attorney General Joseph Wayland of the Department of Justice’s Antitrust Division, Indian Ambassador to the United States Nirupama Rao on behalf of the Indian Ministry of Corporate Affairs, and the Competition Commission of India (CCI) Chairman Ashok Chawla.
“We are delighted to enter into this memorandum of understanding with the Indian Ministry of Corporate Affairs and the Competition Commission of India. It will strengthen the already excellent relations among the US and Indian competition authorities by further facilitating cooperation on policy and enforcement matters,” FTC Chairman Leibowitz said in a communique.
Commenting on the signing, Acting Assistant Attorney General Wayland said, “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.”
According to the official release, the MoU “is a framework for voluntary cooperation and will not change existing law in either country.” The framework would address cooperation and communication between the two countries.
India adopted its modern competition law in 2002, and the law’s main provisions were put into effect between 2009 and 2011. (IATNS)