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.<br /> 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.<br />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.<br />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.<br />The government will unveil the amendment in full this week. <br />
