FAS RUSSIA AND THE EGYPTIAN COMPETITON AUTHORITY SIGNED THE MEMORANDUM OF UNDERSTANDING AND COOPERATION

The document was signed by the Deputy Head of the FAS Russia Mr. Andrey Tsyganov and the Chairman of the Egyptian Competition Authority Mr. Mahmoud A. Momtaz

The Memorandum was concluded following bilateral negotiations held in Cairo prior to the meeting of the BRICS Working Group for the Research of Competition Issues in Food Markets.

The Memorandum establishes the key areas of cooperation between the two Authorities, including exchange of information on improving antimonopoly legislation, experience in conducting investigations in cases of antimonopoly violations, publications, non–confidential information and research conducted by the parties.

The document also provides for organization and holding of bilateral meetings on a regular basis, as well as participation in conferences, forums and seminars held by the Authorities.

It should be reminded that in 2024, Egypt became a new member of the BRICS association. In this regard, Andrey Tsyganov congratulated colleagues and invited the Egyptian Competition Authority to join all the existing formats and mechanisms of interaction between competition authorities in the BRICS format. They also include a number of events that Russia intends to hold under the auspices of the BRICS chairmanship in 2024.

In turn, Mahmoud Momtaz announced the readiness of the Egyptian Competition Authority to join forces with the competition authorities of the BRICS countries in order to maintain healthy competition in socially important markets. Mahmoud Momtaz noted that Egypt has extensive experience in international cooperation, including as the Chairman of the Arab Competition Network.

Mahmoud Momtaz also spoke about the improvement of antimonopoly legislation in Egypt and recent antitmonopoly cases. Currently, the regulator pays great attention to the control of transactions of economic concentration, as well as adaptation to digital realities. According to Mahmoud Momtaz, in this regard, the experience of the FAS Russia in adopting the "fifth antimonopoly package" is particularly relevant.