Competition Commission of India (CCI) and Egyptian Competition Authority (ECA) MoU approved by Union Cabinet
Competition Commission of India (CCI): It is an independent statutory body established under the Competition Act of 2002. It is responsible for promoting and sustaining competition in the Indian market by preventing anti-competitive practices, regulating mergers and acquisitions, and ensuring fair trade practices. Competition Commission of India (CCI) is also important for UPSC Prelims Exam and UPSC Mains Exam (GS Paper 2: Indian Constitution- statutory bodies established by Parliament)
The signing of a Memorandum of Understanding (MoU) between the Competition Commission of India (CCI) and the Egyptian Competition Authority (ECA) has been approved by the Union Cabinet, with Prime Minister Shri Narendra Modi presiding over the meeting.
The approved MoU between the Competition Commission of India (CCI) and the Egyptian Competition Authority (ECA) envisions the promotion and enhancement of cooperation in the field of competition law and policy.
By facilitating the exchange of enforcement initiatives, the MoU will enable the Competition Commission of India (CCI) to learn from the experiences and lessons of the Egyptian Competition Authority (ECA).
Key Objectives and Functions of the Competition Commission of India (CCI) are discussed below-
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The Competition Commission of India (CCI) is an independent regulatory body established under the Competition Act of 2002. It is responsible for promoting and sustaining competition in the Indian market to ensure fair and competitive practices.
The primary role of the CCI is to prevent anti-competitive practices and regulate mergers and acquisitions in order to maintain a competitive market environment. It investigates cases of abuse of dominance, cartelization, and anti-competitive agreements, and takes necessary actions to protect consumer interests and promote fair competition.
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