India, US for close interaction between legal agencies

India and the US have agreed that their legal agencies associated with the enforcement of competition law would interact closely as envisaged under the framework of an MoU signed in September 2012.

India's visiting Minister for Corporate Affairs Sachin Pilot reviewed the MoU signed jointly by his ministry and Competition Commission of India with the US Department of Justice and Federal Trade Commission with FTC chairperson Edith Ramirez.

Pilot also suggested at the meeting Thursday that officials of FTC and MCA identify a few specific activities for cooperation and joint action prior to Ramirez's visit to India in October, according to the Indian embassy.

The Indian Institute of Corporate Affairs could cooperate with the FTC in capacity building and awareness generation of the competition legislation and the forthcoming competition policy, among the legal practitioners and judicial bodies of both countries, he suggested.

Later presiding over the renewal of an MoU between the IICA and the George Washington University Law School, Pilot said their collaboration must make the best of the good work that is being done.

International experiences covering the global business environment, corporate law, corporate governance and competition law can be good learning for IICA, he said.
University President Steven Knapp called the MoU an opportunity for three years, to effectively engage with IICA, in the area of corporate affairs.

Pilot Friday met with a team from the International Finance Corporation led by Saadia Khairi, Vice President, Risk Management and Reporting, the embassy said.

The discussions covered a broad range of topics relating to the business environment in India and the provisions relating to corporate governance and CSR in the forthcoming new Companies Bill.

The IFC officials expressed great interest in quickly operationalising the MOU which is to be signed shortly between the Indian Institute of Corporate Affairs and the IFC.