PUTRAJAYA: The Ministry of Domestic Trade and Cost of Living (KPDN), through the Malaysia Competition Commission (MyCC), continues to strengthen international cooperation in the field of competition by signing a Memorandum of Understanding (MoU) with the Hong Kong Competition Commission (HKCC) here on Thursday.
Under the MoU, MyCC and HKCC will cooperate in exchanging information on significant developments related to competition laws, including legislative amendments, as well as experiences in investigations and cooperation with other enforcement agencies.
MyCC was represented by its Chief Executive Officer, Datuk Iskandar Ismail, while HKCC was represented by its Chief Executive Officer, Rasul Butt while witnessed by MyCC Chairman Tan Sri Dato’ Sri Idrus Harun, Secretary for Commerce and Economic Development of the Hong Kong Special Administrative Region Algernon Yau, and representatives from the Hong Kong Economic and Trade Office in Kuala Lumpur.
Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali said the cooperation between MyCC and HKCC would focus on strengthening competition policies and legal frameworks, as well as enhancing enforcement capabilities in addressing increasingly complex market challenges.
“This MoU is also the fourth cooperation agreement signed by MyCC with foreign competition authorities, following those with the Türkiye Competition Authority (TCA), Korea Fair Trade Commission (KFTC) and Philippine Competition Commission (PCC).
“The signing reflects the Government’s commitment to expanding strategic networks with international competition authorities in efforts to safeguard and promote healthy and fair competition,” he said here on Aug 13.
Armizan said that in an increasingly complex and interconnected economic environment, competition issues now also involve business activities and entities operating across borders.
Therefore, he said, cooperation among competition authorities in various countries is important to enable market developments and enforcement challenges to be addressed more effectively.
He said the technical cooperation would also include training programmes, workshops, temporary staff placements and research collaboration to enhance the enforcement capabilities of both parties.
“In addition, both parties will discuss and address cross-border competition issues and the enforcement of competition laws bilaterally or jointly with international competition authorities.
“KPDN, through MyCC, will continue to strengthen cooperation with competition authorities at the regional and international levels to enhance enforcement capabilities and strengthen institutional capacity.
“These efforts will be carried out continuously to ensure that the country’s competition ecosystem remains dynamic and competitive for the benefit of consumers and the national economy,” Armizan said.
