This Act is enacted for the purposes of maintaining trading order, protecting consumers' interests, ensuring free and fair competition, and promoting economic stability and prosperity.

The term "enterprise" as used in this Act refers to any one of the followings:
1. a company;
2. a sole proprietorship or partnership;
3. any other person or organization engaging in transactions through the provision of goods or services.
A trade association organized by businesses, or any other organization lawfully established to promote the interests of its members is deemed as an enterprise as referred to in this Act.

The term "trading counterpart" as used in this Act means any supplier or purchaser that engages in or concludes transactions with an enterprise.

The term "competition" as used in this Act means any conduct of one enterprise to compete for trading opportunities in the same market with one or more enterprises through offering more favorable price, quantity, quality, service or any other terms.

The term "relevant market" as used in this Act means a geographic area or a coverage wherein enterprises compete in respect of particular goods or services.

The term "competent authority" as used in this Act means the Fair Trade Commission.
For any matter provided for in this Act that involves the authorities of any other ministries or commissions, the competent authority may consult with such other ministries or commissions to deal therewith.