Hyundai-Kia Automotive Group, South Korea's No.1 automaker, said it signed a fair trade agreement with its 2,368 suppliers to promote a win-win relationship with its small and medium-sized partners, Korea Herald reported today.

"The deal has paved the way for Hyundai-Kia Automotive Group to establish a fair trade order with partner companies and promote mutual growth through co-existence and cooperation," said the group, adding that this is the first time that a single firm has agreed on a fair trade pact with such a large number of firms.

Under the agreement, Hyundai-Kia group will observe subcontracting laws, adopt three guidelines on co-existence and cooperation and prepare comprehensive measures to support partner firms.

The three guidelines cover concluding contracts, selecting and operating partner firms, and establishing and operating an internal committee to deliberate subcontract deals.

The automaker said, the agreement will guarantee fair and transparent subcontract deals between Hyundai-Kia and its suppliers.