Korea's Fair Trade Commission is hosting the Seoul International Competition Forum. This year, attendees shared perspectives on balancing public law enforcement and private self-regulation.

In Korea, business players tend to avoid lawsuits, instead relying on government watchdogs when it comes to trade disputes. The KFTC wants to encourage businesses to seek private settlements.

Last year Korea's trade watchdog punished 10 pharmaceutical companies for offering illegal rebates to doctors and hospitals. The case resulted in consumers paying an estimated additional W2.2 trillion (US$1=W1,149) for drugs.

Arirang News