South Korea's antitrust watchdog said Monday its chief plans to attend an international meeting of regulators in Sydney this week to discuss ways to tackle new challenges that can distort the global market.
  

The International Competition Network meeting, scheduled to run from Tuesday to Friday, is designed to help authorities create effective enforcement of antitrust rules and serves as a forum for exchanging information on best practices for combating competition-restricting arrangements.
  

According to the Fair Trade Commission, Jeong Jae-chan plans to hold talks with his counterparts from the United States, Germany, Canada, Japan and the Organization for Economic Cooperation and Development.
  

Jeong's meeting with top U.S. antitrust official Bill Baer will focus on forging closer cooperation in regards to activities that obstruct global competition, while talks with the OECD will concentrate on the enforcement of measures that promote competition in information and communication technology areas, it said.
  

In particular, Jeong will discuss the emerging issue of vertical restraints in the global open marketplace, which refer to deals reached between manufacturers and retailers on the sale of products.
  

The ICN, set up in 2001, currently has 132 antitrust agencies under its fold. South Korea hosted the third general assembly in 2004 and its cartel workshop in the following year. Seoul is a currently a member of the network's steering committee, making the country a key player in the international body. (Yonhap)