• Australia and the United States are cooperating on competition law and policy.
• Businesses and individuals will be treated fairly in enforcing competition law.
• Consumer protection agencies are working together in combating illegal activity.
• Consumers and investors defrauded or deceived have greater redress.

Summary

Australia and the United States agreed to uphold laws against anti-competitive business practices, and ensure that monopolies and government enterprises do not engage in anti-competitive practices.

The ACCC and the US Federal Trade Commission are cooperating further in detecting and notifying breaches, investigating cases, and coordinating enforcement of consumer protection laws.

Australian and US government agencies may take action to recover money owed to consumers and investors who are defrauded, deceived or misled.   The Parties will examine the scope for greater recognition of judgments in cases by the courts.

Australia and the United States agreed to consult and inform each other of competition matters that may affect bilateral trade and investment.

Gains for Australia

• A stronger basis for pursuing companies based in the United States.
• Cooperation in combating breaches of consumer protection laws.
• Ability to recover money for consumers or investors defrauded or deceived.
• Stronger US commitment to non-discriminatory enforcement of competition law.
• Disciplines on US monopolies and state enterprises
• Consultations and a joint working group to examine competition laws and policies.