BRUSSELS, Oct. 15 (Xinhua) -- The European Union (EU) said here on Thursday that it seeks to work with China to further promote their cooperation on reviewing mergers, following the signing of a ministry-level agreement in Beijing.
The bloc's executive arm, the European Commission, announced in a statement that its competition department and Chinese commerce ministry hammered out a guidance document dubbed "best practices for cooperation on reviewing mergers."
Both competition authorities agreed to increase the efficiency of investigations and reduce the burden on the merging parties, in particular when authorities are able to share information and to discuss timetables at key stages of investigations with each other and with the merging companies.
The guidance document will facilitate communication throughout the entire merger review procedure on issues of procedure and substance, including the definition of relevant markets, theories of harm, competitive impact assessments and remedies, the Commission said.
"A growing number of international transactions need to get the green light in several jurisdictions," said EU Commissioner for competition policy Margrethe Vestager, adding that the signing "reflects our commitment to a stronger cooperation between our two competition authorities."
