The Commission welcomes the signature of a cooperation agreement between the EU and republic of Korea. Specifically, the agreement concerns the below main areas : the notification of enforcement activities that may affect the interests of the other jurisdiction ; mutual assistance, including the possibility for one authority to ask the other to undertake enforcement action ; coordination of enforcement activities ; exchange of non-confidential information ; and organisation of regular bilateral meetings between the parties’ competition authorities. Neelie Kroes, Competition Commissioner stated “This agreement is an important step in the effective application of competition rules and the fight against anticompetitive behaviour in the global economy. For decades international trade has been growing significantly and the world’s economies are becoming increasingly interlinked. This has multiplied the risk that anticompetitive practices affect more than one market and the likelihood that one competition authority’s action has implications for others. We are therefore eager to stimulate cooperation with other important competition authorities.”

Image : European Commission Audiovisual Service