Australia and China have signed a memorandum of understanding to strengthen communication and cooperation on corporate mergers which affect both the Australian and Chinese markets, the Australian Competition and Consumer Commission (ACCC) announced in a media release.
The deal was signed between the ACCC and the Ministry of Commerce of the People’s Republic of China (MOFCOM), which is one of three bodies administering China’s Anti-Monopoly Law and the agency responsible for mergers regulation.
“The scope of the agreement allows the agencies to exchange information on the definition of markets and theory of harm as well as impact assessments and the design of merger remedies, subject to confidentiality and privacy requirements in each jurisdiction,” ACCC Chairman Rod Sims said.
“As part of the agreement, we plan to discuss our competition laws and policies and we look forward to sharing our experiences in law enforcement. For both countries, the MOU recognises the importance of cooperation in the field of competition regulation,” he said.
Speaking at the American Bar Association’s Anti-trust in Asia conference in Beijing on Thursday, Mr Sims stressed the importance of establishing closer ties with competition regulators in Asia, particularly in relation to global mergers and cartels.
“The rise of anti-trust in Asia means the merger processes and remedies imposed by our counterparts have an increasing prospect of affecting Australian companies and consumers.”
Mr Sims said the ACCC was working to develop strong and long-term relationships within the Asian region.
“The ACCC has entered, or is at an advanced stage of negotiating, memoranda of understanding with a number of our Asian counterparts to facilitate practical and cooperative relationships.”