EU and Korea agree terms for bilateral competition dialogue

Summary: October 28, 2004: EU and the Republic of Korea agree terms for bilateral competition dialogue (Brussels)

FR - DE - ES - IT -

European Competition Commissioner Mario Monti and Chairman of the Korean Fair Trade Commission on Thursday signed a Memorandum of Understanding on a structured dialogue on competition between the European Union and Korea. This dialogue will help foster the interests of both European and Korean companies when doing business in each other's territory.

"The initiation of a structured dialogue in competition marks an important step in the relations between the European Union and the Republic of Korea," said Competition Commissioner Mario Monti. "I am delighted to see the prominence competition policy has gained in Korea which can only be to the benefit of Korean consumers and of all companies that do business in this dynamic market," he added.

EU and Korea are constructive partners in multilateral forums like International Competition Network (ICN) and OECD. Korea is one of the more active participants in these forums and in April it hosted the ICN 2004 Annual Conference in Seoul.

The Memorandum of Understanding of the EU-Korea competition policy dialogue was signed by the Chairman of the Korean Fair Trade Commission, Mr. Chul-Kyu Kang and Commissioner Monti. Signing of the Memorandum of Understanding will formalise the existing cooperation practices. It will establish the basis for a formal dialogue which will be beneficial for both, the European Union and for the Republic of Korea.

The primary objective of the competition policy dialogue is to establish a permanent forum of consultation, transparency and cooperation between Korea and the EU in this area. With the Memorandum Korea and the EU have agreed to promote and strengthen cooperation in the field of competition law enforcement. The cooperation will be based on the following principles:

improvement of the legal framework on business behaviour which restricts competition including anti-competitive agreements and concerted practices, abuses by monopolies, mergers and acquisitions and anti-competitive government regulation;
exchange of experience in the field of case investigations concerning breaches of competition legislation; and
exchange of experience and views on substantive competition policy issues.

High-level meetings between Korea and the EU will take place at least once a year.

The signature of the Memorandum of Understanding follows up to the visit of Commissioner Monti in Seoul in April 2004.

The Commission also has intensive bilateral cooperation relations in competition with other jurisdictions such as in particular the United States, Canada and Japan.

Ref: EC04-263EN
EU source: European Commission
UN forum:
Date: 28/10/2004

| Top |

< Back to previous page