South Korea and the European Union (EU) agreed on expanding cooperation to crackdown cartel and other unfair business activities, South Korea's Fair Trade Commission (FTC) said Wednesday.
The agreement is to be signed between FTC and its EU counterpart on Thursday, according to FTC.
The new deal obliges both parties to share the results of investigations into anti-competition charges into the other's companies. Moreover, both sides can conduct joint probes into such allegations if needed.
This kind of agreement is first for FTC but it plans to conduct similar deals with China, Japan and the United States in an effort to strengthen cooperation in the area of antitrust.
Source:Xinhua
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