South Korea Reveals Fair Trade Rules Enforcement with Indonesia
kpride, May 28, 2015, 10:52 a.m.
South Korea's antitrust watchdog said Thursday that it has shared its online fair trade rules enforcement system with its Indonesian counterpart in a bid to benefit local companies operating in the Southeast Asian country.
The Fair Trade Commission (FTC) said the move is part of a broader government effort to provide firsthand economic development experiences with other countries. Indonesia's Commission for the Supervision of Business Competition (KPPU) is being informed of the many advantages of the Think-Fair processing system, the FTC said.
The system, which has been in use since 2000, is designed to handle unfair trade violation cases and screen related data. It was also exported to Vietnam last year for US$1.5 million. "Getting Indonesia to develop antitrust handling rules and systems similar to those used in South Korea can make it easier for local companies to better conduct business activities in the island nation," the corporate regulator said.
There are more than 2,000 South Korean companies operating in Indonesia. The FTC said Think-Fair can help the KPPU to effectively manage its own know-how on dealing with antitrust cases and better formulate plans to strengthen fair trade practices critical for sustainable growth.