Chairman, Fair Trade Commission Yong-ho Baek of Korea, South

Yong-Ho Baek is chairman of the Korea Fair Trade Commission.

three years since the second quarter of 2002 as it received an average $2.

Baek said the commission “would turn its focus to promoting competition, rather than focusing on big companies or exercising market-friendly policies.

Speaking at a forum of the Korea Chamber of Commerce and Industry, Baek said that the FTC has no plans to make additional changes to regulations concerning conglomerates.

Aside from the FTC's stance on chaebol-related laws, Baek said that the FTC has strengthened monitoring on the five industries -- petrochemicals, mobile phone services, private education, automobiles and clothing industries -- that are closely linked to everyday life.

Baek said the global financial crisis has exposed the limitations of neoliberalism.

The antitrust agency will introduce new ordinances on the issue after consultation with the governing Grand National Party, Baek said in a press meeting yesterday.