(Illustrative photo: REUTERS/Yves Herman)

The Agreement sets out principles for cooperation in the enforcement of competition law. The two sides will notify each other of significant antitrust and merger investigations, and coordinate efforts between them when necessary. In addition, the agreement sets out the duty of the competition authorities to protect the confidentiality of shared information.

The agreement will allow greater predictability and legal certainty for companies and business communities that wish to continue building better bilateral relations in the post-Brexit period.