New UK-EU Competition Cooperation Agreement
29 October 2024
The United Kingdom and the European Union have reached a new agreement on competition cooperation, which will come into effect on 1 January 2025. The agreement will replace the current Memorandum of Understanding on Cooperation in the Field of Competition, which was signed in 2003.
The new agreement is designed to strengthen cooperation between the UK and EU competition authorities, and to ensure that both sides have the necessary tools to enforce their competition laws effectively. The agreement covers a wide range of areas, including:
- Information sharing: The agreement will allow the UK and EU competition authorities to share information about ongoing investigations and enforcement actions. This will help to ensure that both sides are aware of any potential competition concerns, and can take appropriate action to address them.
- Joint investigations: The agreement will allow the UK and EU competition authorities to conduct joint investigations into cross-border mergers and acquisitions. This will help to ensure that both sides have a full understanding of the competitive implications of these transactions, and can make informed decisions about whether to approve them.
- Enforcement cooperation: The agreement will allow the UK and EU competition authorities to cooperate in the enforcement of their competition laws. This will include providing assistance with investigations and enforcement actions, and sharing information about settlements and penalties.
The new agreement is a significant development in UK-EU relations. It will help to ensure that both sides have the necessary tools to enforce their competition laws effectively, and will contribute to a level playing field for businesses on both sides of the border.
Background
The UK and EU have a long history of cooperation in the field of competition. The first agreement on competition cooperation was signed in 1998, and the current Memorandum of Understanding was signed in 2003. The new agreement is a significant update to the existing arrangements, and reflects the changing landscape of competition enforcement in the digital age.
Significance
The new agreement is a significant step forward in UK-EU relations. It will help to ensure that both sides have the necessary tools to enforce their competition laws effectively, and will contribute to a level playing field for businesses on both sides of the border.
The agreement is also significant because it is the first major agreement between the UK and EU since the UK left the EU in 2020. It shows that both sides are committed to working together to address common challenges, and that the UK-EU relationship remains strong.
Next steps
The new agreement will come into effect on 1 January 2025. The UK and EU competition authorities will now begin the process of implementing the agreement, and developing the necessary procedures and protocols.
New UK-EU Competition Cooperation Agreement
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