Afrigather 
The Federal Competitors and Client Safety Fee and the Egyptian Competitors Authority on Thursday signed a Memorandum of Understanding to advertise commerce equity between each international locations.
The method started in 2019 when the FCCPC and the ECA initiated discussions on enhancing competitors legislation and coverage between each events.
In accordance with a press release by the administration of FCCPC, the important thing mandates of the FCCPC embody safety of shoppers, and selling truthful competitors in Nigeria, with its scope of software to all undertakings, conduct, and business actions inside or having impact inside Nigeria.
“On this regard, the FCCPC and ECA have solidified their engagements in a Memorandum of Understanding.
“Contemplating that each international locations are a part of the most important economies in Africa, and the mutuality of each companies’ aims and mandates, the FCCPC and ECA on Tuesday, January 31, 2023 on the Egyptian Competitors Authority’s Headquarters in Cairo, Egypt, executed the MoU. Each companies recognise and acknowledge the aim, and advantages this collaboration portends – strengthen economies and promote shared prosperity.”
The assertion famous that the MoU recognises essential points that search to progress each companies engagements by way of joint investigation, capability growth, and sharing of data and experiences to make sure shoppers and companies derive the safety and advantages which might be inherent within the financial enlargement this engagement enhances.
In his remarks, the Ambassador of Nigeria to Egypt, Amb Nura Rimi was quoted saying, “The MoU and its scope presents a vital start line, and key competitors regulators just like the FCCPC and the ECA are important to market entry and stability. This MoU is a sign of each companies mutual commitments to advertise commerce and equity.”
The Government Vice Chairman, FCCPC, Babatunde Irukera welcomed the attendance of Nigeria’s ambassador to Egypt, thanked his colleagues at COMESA for his or her help and appreciated the nice and cozy hospitality of the Egyptian Competitors Authority for internet hosting each the MoU execution and the African Heads of Competitors Dialogue Assembly.
Irukera stated,“Signing this MoU right now in a way of talking is an finish by some means because it concludes the numerous work of engagement, negotiation and modification. By the identical token, it marks the formal starting of a framework and platform to extend commerce between our international locations, promote market equity and guarantee our continent progresses from the standpoints of selections for shoppers, market entry and stability.”
Throughout his speech, the Chairman, Egyptian Competitors Authority, Dr Momtaz Mahmoud welcomed the distinguished attendees, highlighting the shut relationship and cooperation with the FCCPC and noting that the MoU was an end result of collaboration between the 2 companies, and portends enhanced integration and joint regulatory motion amongst African international locations.
He additionally famous that such cooperation would contribute to addressing cross-border effectiveness of competitors regulation between each international locations, and on the continent.
