The competition bodies of the Philippines and China on Tuesday inked a memorandum of understanding (MoU) aimed at strengthening the bilateral ties between the two countries.
The agreement was signed by Chair Arsenio Balisacan of the Philippine Competition Commission (PCC) and Minister Xiao Yaqing of the State Administration for Market Regulation (SAMR) of the People’s Republic of China.
Both bodies agreed to lay down a general framework for cooperation in competition enforcement, including an exchange of information, coordination of enforcement activities, notification of cases of mutual interest, as well as technical cooperation and capacity building.
“Our MoU marks the start of a productive partnership between the PCC and SAMR, recognizing that international cooperation is essential to safeguard competition in today’s increasingly borderless and dynamic markets,” Balisacan said.
Moreover, the deal will also provide a mechanism for PCC and SAMR to conduct joint dialogues on economic issues and developments in their respective competition policies, as well as on other matters of mutual interest.
The initiative is part of PCC’s efforts to work closely with its international counterparts, including its active engagement with the ASEAN Experts Group on Competition, the International Competition Network, the United Nations Conference on Trade and Development, and the Organization for Economic Co-operation and Development Competition Division.
“The PCC considers foreign competition authorities as partners and allies toward our shared commitment to promote and protect competitive markets and combat cross-border cartels,” Balisacan said.
Earlier this year, PCC also coordinated with the Competition and Consumer Commission of Singapore on the Grab and Uber merger case, carried out exchange programs with the Korea Fair Trade Commission and the Australian Competition and Consumer Commission and hosted a study visit for the Myanmar Competition Commission.
SAMR is China’s consolidated state agency exercising market supervision responsibilities spanning competition, intellectual property, business registration, and product safety and standards.