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Negotiations conclude to support international cooperation on competition
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Will allow for closer cooperation between CMA and EU’s competition authorities
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New agreement will supplement UK-EU Trade and Cooperation Agreement (TCA)
The UK Government and the European Union have formally concluded technical negotiations on the UK-EU Competition Cooperation Agreement.
This agreement is aimed at improving cooperation between the UK’s and EU’s competition authorities, allowing for greater dialogue between the Competition and Markets Authority in the UK, the European Commission and the National Competition Authorities of the EU Member States.
The agreement will ensure more effective enforcement of global competition laws, helping to support businesses both in the UK and EU as well as protecting consumers.
This is expected to help when it comes to work on similar or parallel cases going forwards – for example cooperating and sharing information on investigations into companies for unfair competition practices which cross borders between the UK and EU Members States. This agreement is one example of where we can strengthen UK- EU cooperation for mutual benefit.
Announcement complements the Prime Minister’s call at the International Investment Summit for UK regulators to support the Government’s growth mission.
The UK and EU have negotiated the agreement with a view to signature in the coming year. Parliament will have the opportunity to consider the agreement in detail once the text is published for scrutiny.
Business & Trade Secretary Jonathan Reynolds said:
This forthcoming agreement recognises the importance of our continued cooperation between UK and EU competition authorities. This milestone underscores our shared recognition of the importance of international cooperation in an increasingly globalised economy.
When competition law is enforced well across global markets, it helps to ensure businesses and consumers are protected while supporting economic growth, which is why this agreement is so important.
Sarah Cardell, CEO of the Competition and Markets Authority, said:
We welcome this cooperation agreement, which will allow us to work even more closely with EU competition authorities on shared cases and common competition issues – without unnecessary barriers.
Effective competition has a key role to play in driving economic growth so, with many companies now operating globally, it’s important that competition authorities can cooperate more freely with each other to get the best outcomes for fair-playing businesses and consumers.
The UK Government is committed to promoting open and fair competition globally to ensure the best opportunities for UK businesses and consumers, which is why the agreement will help support those global aims via close international cooperation.
These types of agreements help to establish how competition authorities work with their overseas counterparts by providing a framework on how to work together.
