MYCC, TCA Sign MoU To Boost Cooperation In Competition Law Enforcement

PUTRAJAYA, Sept 11 (Bernama) -- The Malaysian Competition Commission (MyCC) and the Turkish competition authority, the Turkish Competition Authority (TCA) signed a memorandum of understanding (MOU) yesterday (Sept 10) aimed at strengthening cooperation in facing challenges in competition law enforcement.

Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali said it was the first MoU signed by MyCC with another national competition agency.

 "The main focus of this cooperation is to increase the agility of enforcement, especially in dealing with dynamic anti-competition cases, as well as expanding the exchange of information and expertise in various aspects of competition law.

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"This MoU is also an important step to strengthen MyCC's role in helping the government fight cartel and monopoly issues and we can also ensure a more competitive, innovative market and give the people more choices through healthy competition," he said in a statement today.

Earlier in Turkiye, Armizan paid a courtesy call on Turkiye Trade Minister Prof Dr Omer Bolat and various matters were discussed including aspects of responsibility between the two ministries such as domestic trade, consumer protection, competition legislation and cost of living issues.

Armizan said, MyCC has played an important role in ensuring fair and open competition in Malaysia.

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Since its inception, MyCC has investigated more than 100 companies related to various cases of anti-competitive violations such as cartels and problematic monopolies.

According to Armizan, his ministry is committed to continue to ensure balanced economic development and protect the interests of consumers.

"The Ministry will continue to strive to create a fair and open market, where healthy competition can benefit all walks of life," he said.

-- BERNAMA