The government is likely to present a revision aimed at overhauling the nation's antitrust law to the National Assembly next week.

According to the Fair Trade Commission, the government plans to discuss the revision on Friday in a vice ministers' meeting and secure approval at the Cabinet meeting next Tuesday.

It will reportedly submit the revision to the parliament next Friday after securing approval from President Moon Jae-in. 

The first revision to the Fair Trade Act in 38 years will strip the antitrust watchdog of its exclusive rights to file complaints about antitrust cases, such as price rigging, bidding collusion or supply restriction. 

Under the revision, more companies will be subject to a restriction banning inter-affiliate trading within a business group.