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Trade mediation agency solves disputes worth

 South Korea's trade mediation agency said Wednesday that it has solved 66.6 billion won (US$56.3 million) worth of unfair contracts through arbitration in the first half of 2019.

The Korea Fair Trade Mediation Agency -- a body under the Fair Trade Commission (FTC) -- said it mediated 1,372 cases of unfair trading, subcontract work, franchise operation and retail business in the January-June period.

The agency was founded in 2007 to refer corporate disputes involving small and midsized firms to arbitration and seek swift resolutions.

It aims to tackle the massive concentration of market control in large conglomerates, which are sometimes blamed for wielding excessive power over smaller competitors and subcontractors.

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