The International Bar Association (IBA) has finally launched the Global Competition Network in New York.
The agency will increase coordination of global competition law and ease regulatory burden on cross-border M&A transactions. The initiative was first discussed this February at a UK meeting of 40 of the world's competition authorities. IBA Global Competition Forum chair Judge William Rowley QC said: "It's our aim to see the body work on key areas, including merger process convergence." The European Commission, the US Justice Department and regulatory authorities in Canada, Italy and Mexico support the initiative. But with more than 60 sets of competition laws, the network has an uphill struggle to find common ground.