Fair Trade Commission chairman Kim Sang-jo commended the private sector for enhancing free market principles and cultivating a culture of fair trade in South Korea.

He made the comments in a speech during an event Monday marking the 18th Fair Trade Day held at the Korea Chamber of Commerce and Industry in Seoul.

The chairman said that continued interest and cooperation from the business community are important foundations of a fair economy.

Kim said the Fair Trade Commission's focused efforts on strict rule enforcement and institutional improvement have helped create the conditions for a market economy.

He promised to create an industrial environment this year that is more inclusive of all market players so that joint growth can be achieved through innovative competition.