Shipping agencies open doors to the public

Abolishing the division between the Korea Local Shipping Agencies Association and the International Shipping Agencies Association of Korea, the Ministry of Maritime Affairs and Fisheries (MOMAF) is planning to enact a bill to tie the two associations together in the middle of October.

According to MOMAF, this law is designed to introduce self-controlled competition systems in the shipping industry based on free market theories and to foster the development of the industry as well as to improve convenience for customers.

The revised bill will abolish the division of the two associations and allow local MOMAF ministers to handle related agencies.

The fines for violating the law would be the same as international shipping agencies have paid. The registration will be transferred to the chiefs of local MOMAF branches from the minister of MOMAF.

The main thrust of the bill is to open doors to whoever wants to be involved in this business, and pave the way for self-imposed competition.