SINGAPORE - Statutory board Competition Commission of Singapore has signed an agreement in Tokyo on Thursday with its Japanese counterpart, the Japan Fair Trade Commission.
The deal will help to increase cross-border enforcement cooperation of competition laws.
This marks the first cooperation agreement formalised between the CCS and a foreign competition authority.
Under the agreement, the two parties will deepen cooperation through the notification of enforcement activities that can affect the interests of either competition authority.
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The agreement will also allow for the exchange of information between the two authorities, and help them to coordinate on enforcing cases of mutual interest.
Mr Toh Han Li, chief executive of CCS, said that the JFTC has an established track record of vigorous enforcement against international cartels.
"The MoC serves to enhance the effectiveness of competition law enforcement and the efficiency of investigations through cross-border investigative assistance rendered."
"It will strengthen both authorities' efforts to tackle cases which are increasingly complex and taking on a cross-border dimension," he added.