MOU to increase cooperation on Australian-Chinese mergers

The Ministry of Commerce of the People’s Republic of China (MOFCOM) has signed a memorandum of understanding with the Australian Competition and Consumer Commission (ACCC) that aims to increase cooperation and communication about mergers affecting both the Australian and Chinese markets.

“The scope of the agreement allows the agencies to exchange information on the definition of markets and theory of harm as well as impact assessments and the design of merger remedies, subject to confidentiality and privacy requirements in each jurisdiction,” said ACCC Chairman Rod Sims.

MOFCOM is the agency responsible for mergers regulation in China and is one of three bodies administering China’s Anti-Monopoly Law.

“As part of the agreement, we plan to discuss our competition laws and policies and we look forward to sharing our experiences in law enforcement,” said Sims.

“For both countries, the MOU recognises the importance of cooperation in the field of competition regulation.

“The rise of anti-trust in Asia means the merger processes and remedies imposed by our counterparts have an increasing prospect of affecting Australian companies and consumers.”