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S. Korea to ease some regulations in service sector

All News 11:00 December 28, 2017

SEJONG, Dec. 28 (Yonhap) -- The South Korean government said Thursday that it has decided to remove some legal and administrative regulations in the local service sector as part of its efforts to promote fair market competition and boost growth.

The Fair Trade Commission (FTC), the country's antitrust watchdog, said it checked restrictions that hampered competition in the sectors of food, leisure and public services.

Related government ministries and agencies have agreed to get rid of or improve a total of 18 rules, with a detailed deregulation schedule for the remaining cases to be decided in the near future, the watchdog added.

According to the FTC, the government will ease regulations on small private beer breweries and liquefied petroleum gas vehicles, which have been high on the list of the government-led deregulation drive.

The entry barriers in businesses like travel agencies will be lowered as well, according to the watchdog.

It is part of the FTC's efforts to promote fair market competition in the South Korean economy since the inauguration of the Moon Jae-in government.

FTC Chairman Kim Sang-jo, a former civil rights activist, has stressed that he will put policy priority on removing regulations that have limited competition, and strengthen punishment against illegal and unfair business practices.


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