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EU, Britain set to agree competition deal

The European Commission says that it has completed technical discussions with Britain on a potential new competition co-operation agreement. 

The proposals will now go to EU leaders to sign, while the European Parliament must also approve the terms. Britain must also go through its ratification procedures. 

The future agreement would allow the European Commission, the national competition authorities (NCAs) of the EU member states, and Britain’s Competition and Markets Authority to co-operate directly in competition investigations. 

Co-ordination 

The commission says that it is the first EU competition agreement that would enable NCAs to co-operate directly with a third country’s competition watchdog. 

The deal would provide for important competition and merger investigations in both jurisdictions to be brought to each other's attention.  

It would also allow the co-ordination of investigations “when necessary” and set out “clear principles of co-operation" aimed at avoiding any conflicts between jurisdictions. 

Confidential information 

The commission adds that any business providing confidential information will still need to consent to the exchange of that information with the other jurisdiction. 

The competition co-operation agreement will be a 'supplementing agreement' to the EU-UK Trade and Cooperation Agreement (TCA). 

“With this agreement, the EU and the UK will work together on competition matters in a predictable and transparent framework, exploiting the full potential of the TCA,” said EU competition commissioner Margrethe Vestager. 

“This milestone underscores our shared recognition of the importance of international co-operation in an increasingly globalised economy,” said Jonathan Reynolds (British Business and Trade Secretary).