Amid Google's Investigation, US-India Sign MoU on Antitrust Cooperation
In a major move, the United States and India signed a Memorandum of Understanding on Antitrust Cooperation which aims to facilitate more cooperation between the competition authorities of two countries. The move of the cooperation between two countries assumes significance because just a month ago, R P N Singh, minister of state for corporate affairs, had said in parliament that India is investigating Google over the antitrust violation.
The MoU was signed by Jon Leibowitz, chairperson, Federal Trade Commission (FTC) and Joseph Wayland, Acting Assistant Attorney General in United States Department of Justice from US and Ashok Chawla, Chairman of Competition Commission of India and the ambassador of India for the Ministry of Corporate Affairs on Thursday, September 27 in Washington DC.
A press statement issued by the Cabinet Committee on Infrastructure of the GoI said, “The US and Indian competition authorities desire to enhance the effective enforcement of their competition laws by creating a framework that provides for enforcement cooperation. The U.S. and Indian competition authorities intend to cooperate to enhance the effective enforcement of their competition laws, to share and to keep each other informed of significant competition policy and enforcement developments. They also plan to evaluate the effectiveness of the cooperation under this MoU on a regular basis to ensure that their expectations and needs are being met.”
Even though the details regarding Google's investigation were not made public, the new MoU is sure to create ripples among the multinational companies.
Tags: India , Economy , Business , Google
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