The Competition Commission of Singapore (CCS) has signed an agreement with its Japanese counterpart to increase cross-border enforcement of competition laws.
This marks the first cooperation agreement formalised between the CCS and a foreign competition authority.
The move will allow the two parties to deepen cooperation through mutual notification of enforcement activities.
It will also allow for the exchange of information between the CCS and the Japan Fair Trade Commission , and help them to coordinate in enforcing cases of mutual interest.
CCS chief executive Toh Han Li said the Japanese body has a track record of taking vigorous enforcement against international cartels.
He added that the agreement "will strengthen both authorities' efforts to tackle cases which are increasingly complex and taking on a cross-border dimension".
"The memorandum of cooperation will further help CCS not only to impose more consistent and effective sanctions or remedies, but also to provide businesses with greater regulatory certainty."
The CCS was set up under the Ministry of Trade and Industry in 2005 to investigate allegedly anticompetitive activity and impose remedies, directions and financial penalties where appropriate.
Lee Xin En