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.
That includes heftier criminal sanctions for those engaged in price-fixing or bidding collusion... while other illicit activities will be subject to fines -- which will be doubled from the current rates.
They say that,... by rooting out unfair practices,... the act will become the cornerstone to advancing economic democratization,... and serve as a basis for innovative growth.
The government will unveil the amendment in full this week.