He said he will establish a fair market order by expanding the role of the Fair Trade Commission.

"For the commission to focus on its proper duties without being swayed by those in power, it should be granted more independence and power," the lawmaker added.

Ahn said the number of members of the commission's standing committee should be increased to seven from the current five, while allowing them to serve five years instead of three.

The potential candidate also vowed to introduce more stringent punitive damages for economic crimes committed by conglomerates.

He pledged to improve the governance system of local family-controlled conglomerates, claiming outside directors of such firms are no more than a rubber stamp club.

"As the heads of the conglomerates designate figures who share regional or academic backgrounds with them as outside directors, they fail to fulfill their original role as a watchdog," Ahn said. (Yonhap)