South Korea's corporate watchdog has agreed to give up its exclusive right to file complaints about major cases such as price rigging, bidding collusion and market division. 

The Fair Trade Commission(FTC) is currently the only entity that can file antitrust trade cases with the prosecution. 

But on Tuesday, FTC Chairman Kim Sang-jo and Justice Minister Park Sang-ki agreed that the corporate watchdog will handle general antitrust cases, while the ministry will investigate major cases that have far-reaching impacts on the economy and society as a whole.

In a policy meeting with officials from the ruling Democratic Party, the FTC also agreed to double the maximum fine for antitrust violations.