Britain and EU finalise competition cooperation agreement

The UK and EU first established a trade relationship through a deal that took effect in 2021, following Britain’s departure from the bloc in 2016.

• EasternEye
• 30 October, 2024

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By: EasternEye

BRITAIN and the European Union (EU) have reached an agreement to enable cooperation between their regulators on competition-related issues.

The deal will allow both sides to coordinate more closely in their efforts to address antitrust and merger investigations.

The UK and EU first established a trade relationship through a deal that took effect in 2021, following Britain’s departure from the bloc in 2016.

Under the current government led by Keir Starmer, who came to power in July, Britain has sought to improve relations with the EU after a challenging post-Brexit transition.

As part of this renewed cooperation, British and EU competition regulators, including the European Commission and national antitrust authorities in EU member states, will be able to collaborate on investigations.

The arrangement includes exchanging information on significant antitrust and merger cases and coordinating efforts when necessary, according to the Commission.

“This agreement strengthens our relationship and will help to ensure that enforcement is coordinated between our jurisdictions, to the ultimate benefit of European businesses and consumers,” said EU competition chief Margrethe Vestager.

The government welcomed the agreement, noting it would enable “greater dialogue.”

Competition and Markets Authority chief Sarah Cardell said, “We welcome this cooperation agreement, which will allow us to work even more closely with EU competition authorities on shared cases and common competition issues – without unnecessary barriers.”

The agreement is set to come into effect following ratification by Britain, EU member states, and the European Parliament.

(With inputs from AFP)