Transactions among affiliates of business groups in South Korea declined for the first time in 2012 amid the government’s drive to establish fair market principles that stimulate competition, data showed Thursday.

The “intra-group” business deals made last year by the country’s 49 conglomerates were valued at 185.3 trillion won ($166.5 billion), down 1 trillion won from what was tallied a year earlier, according to the data offered by the Fair Trade Commission.

This is the first time that the value of intra-group business deals has dropped since 2009 when related data started to be compiled.

The proportion of intra-group deals to total business transactions also fell 0.94 percent on-year to 12.3 percent, the data showed.

The FTC explained that the decline is due in part to business groups’ voluntary efforts to reduce intra-group deals, coupled with the government’s ongoing drive to push for economic democratization aimed at boosting fair market competition. (Yonhap News)