Kuala lumpur: The Malaysia Competition Commission (MyCC) and its Hong Kong counterpart, the Hong Kong Competition Commission (HKCC), signed a Memorandum of Understanding (MoU) today to strengthen cooperation on competition policy, legal frameworks, and enforcement.

According to BERNAMA News Agency, Domestic Trade and Cost of Living (KPDN) Minister Datuk Armizan Mohd Ali stated that this MoU marks the fourth collaboration between MyCC and foreign competition bodies. The agreement follows similar partnerships with the Trkiye Competition Authority, Korea Fair Trade Commission, and the Philippine Competition Commission.

The minister emphasized that the MoU demonstrates the government's commitment to collaborating with international competition authorities to uphold fair and healthy competition. In an increasingly complex and interconnected economic environment, competition issues often involve businesses and entities operating across borders. Thus, international cooperation among competition authorities is crucial to effectively address market developments and enforcement challenges.

The cooperation under the MoU will involve exchanging information on key competition law developments, including legislative amendments, and sharing investigative experiences with other enforcement agencies. Both parties will also work together on technical matters to enhance enforcement capacity through training, workshops, officer secondments, and research.

The collaboration will address cross-border competition issues and enforcement, bilaterally or with other international counterparts. Armizan added that KPDN, through MyCC, will continue to strengthen ties with regional and international competition authorities. These ongoing efforts aim to sharpen enforcement, build institutional capacity, and maintain Malaysia's competition ecosystem dynamic and competitive for the benefit of consumers and the economy.