What does KFTO mean in UNCLASSIFIED
KFTO stands for Korea Fair Trade Organization. It is an independent regulatory body established in 1999 under the Fair Trade Act of South Korea. The KFTO is responsible for enforcing competition law, consumer protection, and promoting fair trade practices in South Korea.
KFTO meaning in Unclassified in Miscellaneous
KFTO mostly used in an acronym Unclassified in Category Miscellaneous that means Korea Fair Trade Organization
Shorthand: KFTO,
Full Form: Korea Fair Trade Organization
For more information of "Korea Fair Trade Organization", see the section below.
Objectives of the KFTO
- Enforce competition law to prevent anti-competitive practices such as cartels, price-fixing, and abuse of dominant market positions.
- Protect consumers by addressing unfair trade practices such as misleading advertising, deceptive marketing, and product safety issues.
- Promote fair trade practices by providing guidance to businesses on competition and consumer protection laws and regulations.
Functions of the KFTO
- Investigate and prosecute violations of competition law and consumer protection regulations.
- Impose sanctions on companies that engage in unfair trade practices, including fines, corrective orders, and business suspensions.
- Provide guidance and advice to businesses on compliance with competition and consumer protection laws.
- Conduct research and analysis on competition and consumer issues, and publish reports and policy recommendations.
- Cooperate with other regulatory agencies in South Korea and internationally to enforce competition and consumer protection laws.
Essential Questions and Answers on Korea Fair Trade Organization in "MISCELLANEOUS»UNFILED"
What is the role of the Korea Fair Trade Organization (KFTO)?
The KFTO is an independent government agency responsible for promoting fair competition and protecting consumers in South Korea. It investigates and prosecutes anti-competitive practices, such as cartels and monopolies, and enforces consumer protection laws.
What is the significance of the Fair Trade Act in South Korea?
The Fair Trade Act is the primary legislation governing competition and consumer protection in South Korea. It prohibits anti-competitive agreements, regulates mergers and acquisitions, and provides for consumer remedies. It aims to ensure a level playing field for businesses and protect consumers from unfair or deceptive practices.
How does the KFTO investigate anti-competitive practices?
The KFTO has broad investigative powers, including the ability to conduct dawn raids, seize documents, and interview witnesses. It also cooperates with other government agencies and international antitrust authorities to investigate and prosecute cross-border cartels.
What are some examples of anti-competitive practices that the KFTO targets?
The KFTO investigates a wide range of anti-competitive practices, including price-fixing, bid-rigging, market allocation, and abuse of dominant market position. It also monitors mergers and acquisitions to prevent the creation or strengthening of monopolies.
How can consumers file a complaint with the KFTO?
Consumers can file complaints with the KFTO through its website, by phone, or in person at its offices. The KFTO investigates complaints and takes enforcement actions to protect consumers from unfair or deceptive practices.
What is the role of the Fair Trade Commission in the KFTO?
The Fair Trade Commission is the highest decision-making body within the KFTO. It is responsible for issuing rulings on anti-competitive practices, setting fines, and developing competition and consumer protection policies.
Final Words: The KFTO plays a crucial role in ensuring fair competition, protecting consumer rights, and promoting ethical business practices in South Korea. By enforcing competition law, protecting consumers, and promoting fair trade practices, the KFTO contributes to the overall economic and social well-being of the country.