Korea Fair Trade Commission

The Korea Fair Trade Commission (KFTC) is South Korea's regulatory authority for economic competition, established in 1981 within the Economic Planning Board under the Monopoly Regulation and Fair Trade Act. It became an independent agency in 1994, and its chairman's rank was elevated to ministerial level in 1996. Headquartered in Sejong, it enforces competition law and consumer protection statutes, including rules against cartels, unfair business practices and anticompetitive conduct by dominant firms, through a commission of nine members, a chairman serving a fixed three-year term, a vice-chairman, three standing commissioners and four non-standing commissioners, supported by a secretariat; its 2023 budget totaled 159.6 billion South Korean won with approximately 650 employees.