The advent of new economic age can be characterized by growing e-business and dynamic business environments. These changes require two major improvements on the current competition policy in Korea.

First, it is necessary to clarify the purpose of Korean competition law, called 'Monopoly Regulation and Fair Trade Act' and to show the consistent principle and procedure of carrying out the policy. Secondly, the current law and guideline related to M&A and collaborations among firms should be closely examined and improved as a response to the increasing importance of M&A and collaborations among firms in the new economic age. In deciding the illegality of M&A or collaboration case, comparing anti-competitive effects with efficiency-enhancing effects caused from the case should be explicitly adopted as a basic principle.

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