I am pleased to announce that today in Brussels the United Kingdom and the European Union have signed the UK-EU competition co-operation agreement.
This is the first supplementary agreement to the UK-EU trade and co-operation agreement signed since the TCA came into force in 2021, and it demonstrates our shared commitment to strengthening co-operation between the UK and the EU for our mutual benefit.
The agreement will strengthen co-operation between our respective competition authorities, supporting more effective enforcement of competition law to address harms, protect consumers and promote fair and dynamic markets.
It will facilitate enhanced dialogue and operational co-operation between the Competition and Markets Authority, the European Commission and the national competition authorities of EU member states. In particular, it will support more effective co-ordination on similar or parallel cases, including through co-operation and information sharing in investigations into cross-border anti-competitive practices. The agreement will strengthen co-operation between our respective competition authorities, supporting more effective enforcement of competition law to address harms, protect consumers and promote fair and dynamic markets; strengthening the conditions for sustainable economic growth by promoting effective competition and innovation that delivers long term benefits for businesses and consumers.
This Government’s central mission is to deliver economic growth. Effective competition in dynamic markets drives investment, innovation, productivity and, ultimately, growth. As set out in the industrial strategy, strengthening competition and refining the competition regime are essential to achieving this mission, with a commitment to
“unlock the full potential of competition to increase market dynamism and growth”.
In our strategic steer to the CMA, the Government emphasised the importance of considering actions taken by competition and consumer protection agencies internationally, and, where appropriate, ensuring that parallel regulatory action is timely, coherent and avoids unnecessary duplication. This agreement will be an important tool in supporting these objectives.
The agreement will be formally laid before Parliament for scrutiny, in line with the provisions of the Constitutional Reform and Governance Act 2010.
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