KUALA LUMPUR: The Malaysia Competition Commission (MyCC) and the Korea Fair Trade Commission (KFTC) today signed a Memorandum of Understanding (MoU) to strengthen cooperation in enforcing competition laws and policies.
In a statement, MyCC said the MoU provides a framework for cooperation between the two agencies, including the exchange of non-confidential information on legislative developments and cases, technical cooperation to enhance enforcement capacity, expert meetings, and participation in international events of mutual interest.
MyCC chairman Tan Sri Idrus Harun said cooperation between the two agencies began several years ago in 2019 when KFTC sent experts to MyCC under the Expert Dispatch Programme, where valuable insights on bid-rigging and merger control were shared.
“This MoU marks a natural next step in our ongoing partnership. It is our sincere hope that through this collaboration, MyCC will continue to draw upon the rich experience and expertise of KFTC, while also contributing our own perspectives.
“Together, we can work to advance the cause of competition policy not only within our respective jurisdictions but also across the wider region and beyond,” he said.
He added that both agencies have also agreed to support international cooperation initiatives relating to cross-border anti-competitive conduct.
“This partnership demonstrates the shared vision and commitment between MyCC and KFTC to build resilient enforcement regimes and to advance regional cooperation in competition law and policy.
“Malaysia stands to benefit from KFTC’s extensive experience in merger control as MyCC prepares to introduce its own merger regime by 2026.”
The MoU signing ceremony took place during the 13th Seoul International Competition Forum held at The Shilla Seoul, South Korea, with Idrus signing on behalf of MyCC, while KFTC chairman Dr Kijeong Han signed on behalf of KFTC.
Also present to witness the signing were MyCC chief executive officer Datuk Iskandar Ismail and KFTC director general Dongryeul Shin.
© New Straits Times Press (M) Bhd
