BEIJING - China and the Republic of Korea on Wednesday agreed to advance cooperation and coordinate efforts in the anti-monopoly sector.

According to a memorandum of understanding signed by the two countries, they will further communication on competition laws, policies and law-enforcement so as to maintain a fair-play market, according to a statement posted on the website of China's National Development and Reform Commission.

The two countries agreed to coordinate each other's law enforcement concerning anti-monopoly issues when necessary, it said, adding that they will also hold competition policy dialogue periodically and discuss issues of mutual interest.