✍️Cabinet approved the MoU between Competition Commission of India (CCI) and Administrative Council for Economic Defense of Brazil, (CADE)
☑️ Section 18 of the Competition Act, 2002 permits CCI to enter into any Memorandum or arrangement with any agency of any foreign country for the purpose of discharging its duties or performing its functions under the Act.
☑️ CCI has entered into the MoUs with the Federal Trade Commission and Department of Justice of USA, Director General Competition of European Union, Federal Antimonopoly Service of Russia, Australian Competition and Consumer Commission, Competition Bureau of Canada and BRICS Competition Authorities.
📚Competition Act, 2002
The Competition Act, 2002 was enacted by the Parliament of India and governs Indian competition law. It replaced the archaic The Monopolies and Restrictive Trade Practices Act, 1969. Under this legislation, the Competition Commission of India was established to prevent the activities that have an adverse effect on competition in India. This act extends to whole of India except Jammu and Kashmir.
It is a tool to implement and enforce competition policy and to prevent and punish anti-competitive business practices by firms and unnecessary Government interference in the market. Competition laws is equally applicable on written as well as oral agreement, arrangements between the enterprises or persons.
The Competition Act, 2002 was amended by the Competition (Amendment) Act, 2007 and again by the Competition (Amendment) Act, 2009.
➡️Objectives of the Competition Act
The Act seeks to provide the legal framework and tools to ensure competition policies are met, to prevent anti-competition practices and provide for the penalisation of such acts. The Act protects free and fair competition which protects the freedom of trade.
🔹The Act seeks to prevent monopolies and also to prevent unnecessary intervention by the government. The main objectives of the Competition Act, 2002 are:
▪️ to provide the framework for the establishment of the Competition Commission.
▪️ to prevent monopolies and to promote competition in the market.
▪️ to protect the freedom of trade for the participating individuals and entities in the market.
▪️ to protect the interest of the consumer.