Overview of fair trade system

1. Purpose of fair trade system

It aims to realize sound development of the national economy by enhancing efficiency of the economy and controlling economic concentration through promotion of fair and free competition.

2. Fair trade law

Fair Trade Act was established to facilitate fair and free competition among companies and protect consumers. It lays the foundation for market economy system as Rule of Game in economic activities aimed to facilitate free and fair competition among companies.
Fair Trade Act is an acronym for Monopoly Regulations and Fair Trade Law (Antitrust Law), but in reality, it is the generic term for fair trade-related laws and regulations including Subcontracting Act (Fair Subcontracting Act), Contracts Act (Act on Contractual Regulations) and Labeling and Advertising Act (Fair Labeling and Advertising Act ) in addition to Monopoly Regulations and Fair Trade Law .

Related Laws

1. Characteristics of laws and regulations

1. ① Regulation on harmful effects : It regulates only the harmful effects instead of monopoly.
2. ② Regulation on administration : Fair Trade Commission, an administrative agency, primarily examines illegality.
3. ③ Regulation on authority : Fair Trade Commission exercises its authority to examine and correct illegal activities and file lawsuits.

2. Basic laws and regulations

Monopoly Regulations and Fair Trade Law (Established on Dec. 31, 1980)

3. Other laws and regulations

1. ① Fair Subcontracting Act (Established on Dec. 31, 1984)
2. ② Act on Contractual Regulations (Established on Dec. 31, 1986)
3. ③ Fair Labeling and Advertising Act (Established on Feb. 5, 1999) and others