Cabinet approves Signing of MoU between CCI and Egyptian Competition Authority
Cabinet approves Signing of MoU between CCI – Egyptian Competition Authority – TAXSCAN
Cabinet approves Signing of MoU between CCI – Egyptian Competition Authority – TAXSCAN
The Union Cabinet addressed by Prime Minister Narendra Modi approved the signing of Memorandum of Understanding (MoU) between Competition Commission of India and Egyptian Competition Authority on 17th May 2023.
The Competition Commission of India was established under the Competition Act of 2002. The key objectives of the CCI are to safeguard consumer interests, encourage and maintain market competition, and make sure that all enterprises operate on an equal basis.
The Egyptian Competition Authority (ECA) is the regulatory body established in 2005 which is responsible for enforcing competition laws and promoting fair competition in Egypt.
The current proposal related to the signing of an MoU between the Egyptian Competition Authority and the Competition Commission of India is because the commission is authorised under Section 18 of the Competition Act to engage into any agreement or memorandum of understanding with any agency of any foreign nation in order to carry out its obligations or carry out its activities under the Act.
Conversing about the implementing strategies, through information exchange, dissemination of standards of excellence and diverse development initiatives, the MoU will contribute in encouraging and bolstering cooperation of competition law and policy.
The MoU further strives to forge and enhance relationships between CCI and ECA, and it also aims to learn and model each other's strategies for implementing competition law in their respective jurisdictions.
The authorities believe that the agreement will benefit both countries by fostering learning and information exchange. As we close the gaps or loopholes in the Competition Act, it is anticipated that the enforcement of the law would significantly improve.
The MoU will undoubtedly be advantageous to both consumers in general and businesspeople who constantly seek to safeguard themselves from the market leaders.
The Union Cabinet also approved the MoU signing of the Institute of Chartered Accountants of India and The Chartered Accountants of Maldives on 17th May 2023 to promote and strengthen the cooperation in the field of Accounting profession.
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