Brussels, 25/05/2009 (Agence Europe) - The European Union and the Republic of Korea signed an agreement on cooperation enforcement in Seoul on Monday 25 May. The agreement seeks to foster the effective application of competition laws by promoting cooperation between the Commission and the South Korean competition authority. The agreement contains provisions inter alia on: - notification of enforcement activities that may affect the interests of the other jurisdiction; - mutual assistance, including the possibility for one authority to ask the other to undertake enforcement action; - coordination of enforcement activities; - exchange of non-confidential information; - organisation of regular bilateral meetings between the parties' competition authorities. Similar agreements have been concluded by the EU with the United States, Canada and Japan. South Korea is the EU's fourth largest non-European trading partner and the EU is South Korea's largest foreign investor. (O.L./transl.rt)