The European Commission on Tuesday said it had finalised discussions with Britain on an agreement that would allow both sides to cooperate directly in antitrust investigations.

The agreement is the first that would allow national competition authorities from EU countries to cooperate directly with a competition authority outside the bloc.

The agreement, which comes into force after both the EU and Britain have finalised their ratification procedures, will set out that important antitrust and merger investigations are brought to each other's attention, the commission said.

It will also allow the coordination of investigations when necessary and set out the principles of cooperation, to avoid conflicts between jurisdictions. (Reuters)