The new agreement will put in place a clear framework for cooperation on competition matters between the Commission and EU member states’ competition authorities and the UK’s Competition and Markets Authority (CMA) when enforcing EU competition rules.

The EU and UK will bring important antitrust and merger investigations to each other’s attention, and will be enabled to coordinate investigations between the jurisdictions involved when necessary.

Where confidential information is involved, the consent of the company providing the information will continue to be required.

The new competition cooperation agreement will be a “supplementing agreement” to the post-Brexit Trade and Cooperation Agreement (TCA), which provides for competition cooperation and coordination and foresaw the possibility to enter into a separate agreement on competition cooperation.

The agreement will enter into force after both the EU and the UK have finalised their ratification procedures.

Following the Commission’s adoption of the proposals, the next step is for the Council of the European Union to adopt a decision to formally sign the new agreement.

The Council will then be expected to adopt a decision to conclude the agreement, which will also require the consent of the European Parliament.

The conclusion decision by the Council will finalise the EU interinstitutional process.

Teresa Ribera, the Commission’s executive vice-president for clean, just and competitive transition, said: “This agreement shows our shared and strong commitment to continue working together for effective and balanced competition enforcement, including in the digital sector, and to ensure a level playing field in Europe.

“It shows that we recognise the importance of cooperation in competition enforcement between our closely-related jurisdictions, to the ultimate benefit of consumers, businesses and innovation overall.”