Besides, an agreement between the fair trade regulators of BRICS countries is also in pipeline, Competition Commission of India (CCI) Chairman Ashok Chawla said in an interview.
The CCI, which keeps a tab on anti-competitive practices in the country, has already signed Memorandums of Understanding (MoUs) with its peers in the US and Russia.
“The idea is to pursue a few more MoUs in the coming months,” Chawla said.
“The ones in the pipelines are with the European Union, which is in advanced stages, and Australia,” he said, while adding that the regulations are very strong in these two regions when it comes to competition and consumer issues.
“Also, there is in the pipeline an agreement within the BRICS countries,” he said.
The concept of competition law is relatively new in India, compared to many other jurisdictions and CCI is working on ways to improve and ensure the implementation of such norms across different sectors, he said.
With such agreements, Chawla said newer agencies like CCI, would benefit from knowing the best international practices.
“The MoUs help a lot as they provide you an umbrella where you can forward the interactions in a systematic manner. At times, there is a probability of our experts going there and getting access to their resources and good practices,” the CCI chief said.
In September last year, CCI inked a pact on anti-trust cooperation pact with the Federal Trade Commission of the US.