India and the United States have signed memorandum of understanding (MoU) to increase cooperation between anti-trust or competition comissions in both countries.

On Thursday, US Department of Justice and Federal Trade Commission (FTC) signed an antitrust MoU with India's Ministry of Corporate Affairs and the Competition Commission of India (CCI).

"We know that this memorandum of understanding will enhance that relationship in the years ahead," said Joseph Wayland, Acting Assistant Attorney General in an official release.

"As we work together to ensure that markets are open and competitive, by identifying and remedying anticompetitive behavior."

The MOU was signed by acting assistant attorney general Joseph Wayland of the Department of Justice's Antitrust Division and Chairman Jon Leibowitz of the FTC, Indian Ambassador to the US Nirupama Rao on behalf of the Indian Ministry of Corporate Affairs and CCI Chairman Ashok Chawla, says the release.

"This is a real milestone in competition law enforcement, both for India and the United States," said Paku Khan, Executive Director of Competition Law Practice at Khaitan & Co. "I fully expect to see them coordinating on antitrust investigations, particularly for international cartels involving the two countries."

With this MoU, the US antitrust agencies and Indian authorities will work to keep each other informed of significant competition policy and enforcement developments in their jurisdictions, and establishes a framework for technical cooperation.