The South Korean government is set to make drastic amendments to the Fair Trade Act so it better reflects socio-economic changes and helps foster a fairer economy.
At a policy coordination meeting between the ruling Democratic Party of Korea and the government on Tuesday,... the two sides agreed the revision will entail tougher punishment for unfair business practices.
Those include heftier criminal sanctions for those engaged in price-fixing or bidding collusion... and heavier fines for other illicit activities -- with the maximum rate to be doubled.
On top of that, the Fair Trade Commission will also give up its exclusive right to file complaints about major antitrust cases,... in order to allow effective law enforcement and better protect consumers' rights.
The government will unveil the amendment in full this week.
