Seoul, Nov 11 (IANS): South Korea's antitrust regulator said on Monday it has imposed fines totalling over 1.16 trillion won ($831.5 million) over the past two and a half years for violations of market regulations, highlighting the Yoon Suk Yeol administration's efforts to promote fair trade practices.
The review was presented in a report issued by the Fair Trade Commission (FTC) to mark the midpoint of Yoon's single five-year term, which fell on Sunday.
According to the FTC, it has uncovered and addressed 5,837 cases of market misconduct in key industries that drive the country's economic growth, reports Yonhap news agency.
Out of these, fines totalling approximately 1.16 trillion won were imposed in 289 cases between May 2022 and November 2024.
The FTC also said it has worked to strengthen fair trade practices and enhance consumer rights, with a particular focus on supporting small and medium-sized enterprises.
Key efforts included addressing unfair business practices against franchise operations and reinforcing punitive damages for violations, such as unauthorised use of proprietary technology.
Additionally, the FTC noted that it has streamlined several regulations to reduce inconvenience and burdens on businesses.
Key regulatory changes included revising rules that limit competition, such as those impacting large retail stores, and vehicle-sharing and rental services.
"We have worked to stabilise livelihoods and create a foundation for greater market efficiency and dynamism," FTC Vice Chairperson Cho Hong-sun said in a press briefing, adding that the agency will continue to focus on supporting issues related to people's livelihoods, such as e-commerce platforms.
During the latter part of the Yoon administration, the agency will first focus on legislation to ensure that online intermediary platforms meet payment deadlines for their partner merchants.
The FTC also aims to strengthen the accountability of platform operators, and to monitor and address violations related to subscription-based services.