Malaysia, Hong Kong Sign MoU To Strengthen Competition Law Enforcement

KUALA LUMPUR, Aug 13 (Bernama) -- The Malaysia Competition Commission (MyCC) and its Hong Kong counterpart, the Hong Kong Competition Commission (HKCC), signed a Memorandum of Understanding (MoU) on Thursday to strengthen cooperation on competition policy, legal frameworks, and enforcement.

Domestic Trade and Cost of Living (KPDN) Minister Armizan Mohd Ali said the MoU is the fourth such collaboration between MyCC and foreign competition bodies, following similar agreements with the Türkiye Competition Authority, Korea Fair Trade Commission and the Philippine Competition Commission.

He said the MoU reflects the government's commitment to working with international competition authorities to preserve and promote fair and healthy competition.

"In an increasingly complex and interconnected economic environment, competition issues involve businesses and entities that cross borders.

"International cooperation among competition authorities is vital to ensure market developments and enforcement challenges are addressed more effectively," he said in a statement on Thursday.

He said the cooperation will involve information exchange on key competition law developments, including legislative amendments, and sharing of investigative experience with other enforcement agencies.

Both parties will also collaborate on technical matters to boost enforcement capacity via training, workshops, officer secondments and research.

"This includes addressing cross-border competition issues and enforcement, bilaterally or with international counterparts," he said.

Armizan added that KPDN, through MyCC, will continue strengthening ties with regional and international competition authorities.

"These ongoing efforts are intended to sharpen enforcement, build institutional capacity, and keep Malaysia's competition ecosystem dynamic and competitive, for the benefit of consumers and the economy," he said.

-- BERNAMA