The State Administration for Market Regulation of the People’s Republic of China ("SAMR") and the Korea Fair Trade Commission ("KFTC") announced on May 23, 2019 that they have finally entered into a long-anticipated memorandum of understanding ("MOU") to increase cooperation and communication on competition law enforcement in Korea and China.  Main topics covered by this MOU include: 

• Commitment to cooperation and coordination.  The SAMR and the KFTC "intend, as appropriate, to share information that promotes healthy competition in the global market."  The MOU also "promotes closer and better understanding between competition authorities through coordination."  The SAMR and the KFTC intend to hold annual cooperation meetings, as well as share each other's competition law enforcement policies and activities.

• Framework for communication.  The SAMR and the KFTC will host annual events, such as meetings, workshops, and cooperation in review/research in areas of common concern, and also expand information sharing and coordination.  The SAMR and the KFTC will also establish stronger communication channels, such as "keep[ing] each other informed of significant competition policy and enforcement developments in their respective jurisdictions".  The MOU also provides for sharing opinions on changes to each other's antitrust laws and policies, as well as coordination in cases where both competition authorities are stakeholders.

• Expanded cooperation in the future.  The SAMR and the KFTC commit to further cooperation in the future through working-level coordination in order to effectively respond to international cartel cases and violation of globally accepted competition rules and laws by multinational companies.

As a result of this MOU, an even closer working relationship between the Chinese and Korean competition authorities is anticipated, especially with respect to international cartel and abuse of market dominance investigations involving the Korean and Chinese markets.