The UK and the EU reached an agreement on Tuesday that will allow the two sides’ regulators to work closely together on competition matters.

The UK and the EU struck a landmark trade deal that entered into force in 2021 after Britain voted to leave the bloc in 2016.

The British government under Labour Prime Minister Keir Starmer, who took charge after ousting the Conservatives in July, has sought a fresh start with the EU following the fractious breakup.

The two sides have now concluded talks to allow the British competition regulator, the European Commission – the EU’s powerful competition watchdog – and national antitrust authorities in each member state to cooperate in probes.

This will include informing one another about ‘important antitrust and merger investigations’ and coordinating ‘when necessary’, the commission said.

‘This agreement strengthens our relationship and will help to ensure that enforcement is coordinated between our jurisdictions, to the ultimate benefit of European business and consumers,’ EU competition chief Margrethe Vestager said in a statement.

The British government said the deal would allow ‘for greater dialogue’.

‘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,’ said UK Competition & Markets Authority chief Sarah Cardell. 

It will come into effect once Britain, EU states and the European Parliament ratify the agreement.

source: AFP

Copyright 2024 Alliance News Ltd. All Rights Reserved.