Fair Trade Commission Reports to National Assembly... "Realizing a Fair Market Ecosystem"

Jongwook Cho, Chairman of the Fair Trade Commission. (Photo by Yonhap News)

[Asia Economy Reporter Moon Chaeseok] The Korea Fair Trade Commission (KFTC) announced on the 28th during its report to the National Assembly that it will implement a fair and vibrant market ecosystem that the public can feel.

At the National Assembly's Political Affairs Committee briefing held at 10 a.m. that day, the KFTC explained the current status and vision of the agency.

The KFTC oversees 13 laws. The Fair Trade Act, which covers competition and fair trade, is the most representative. In addition, the agency applies laws such as the Subcontracting Act, Franchise Business Act, Large-scale Distribution Business Act, and Agency Act in its work.

In the consumer sector, it handles laws including the Framework Act on Consumers, Act on Labeling and Advertising, Act on Terms and Conditions, Installment Transactions Act, Door-to-Door Sales Act, Act on Consumer Protection in Electronic Commerce, Consumer Cooperatives Act, and Product Liability Act.

The KFTC stated that through six core tasks, it will "solidly expand the foundation of a fair economy throughout every corner of the market."

The six core tasks are realized in three major areas: ▲ Fair Economy and Inclusive Foundation ▲ Innovation Competition and Vitality Enhancement ▲ Life Experience and Autonomous Change.

The detailed tasks under 'Fair Economy and Inclusive Foundation' are ▲ Establishing inclusive relationships between large and small businesses based on fair trade foundations ▲ Eradicating abuse of economic power by large business groups.

To promote 'Innovation Competition and Vitality Enhancement,' the KFTC will ▲ Implement an innovation ecosystem for new and growth industries ▲ Enhance market vitality by promoting competition in the livelihood sector.

In the 'Life Experience and Autonomous Change' area, the agency will ▲ Promote customized consumer policies for the digital economy era ▲ Foster an autonomous culture of fair trade and coexistence.

As measures to strengthen capabilities, the KFTC proposed ▲ Modernizing law enforcement procedures before investigation and deliberation stages ▲ Implementing digital investigation principles ▲ Expanding economic analysis of unfair support and corporate mergers ▲ Developing policies through the Fair Trade Statistics Portal System ▲ Strengthening international cooperation with competition authorities such as those in the United States and the European Union (EU).

This content was produced with the assistance of AI translation services.