The head of South Korea's antitrust authority pledged to work towards aligning the nation's proposed rules for online platforms with international standards, emphasizing the importance of open communication with foreign businesses operating in the country to avoid "unnecessary misunderstandings."
These statements by Ju Biung-ghi, the chairman of the Fair Trade Commission (FTC), come as Seoul advances its efforts to regulate major global online platforms active within its borders.
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Ju stated that ongoing discussions are the most effective method for minimizing misunderstandings and bolstering the efficacy and trustworthiness of policies, a point he made during a meeting with representatives from the American Chamber of Commerce in Korea, the European Chamber of Commerce in Korea, and other significant foreign business advocacy groups.
While acknowledging the disparities in legal frameworks and business environments across various nations, Ju affirmed that the FTC would diligently strive to comprehend these differences and "bridge any gaps."
One of the FTC's current priorities is the advancement of legislation designed to curb monopolistic behaviors by dominant global platform providers.
During his presidential campaign, President Lee Jae Myung committed to preventing global online platform operators from exploiting their market power through new regulations, such as imposing limits on service fees and prohibiting unfair business practices.
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Previously, Ju indicated that implementing regulations specifically targeting global online platforms might face delays, referencing ongoing tariff discussions with the US.
Reports suggest that during recent tariff negotiations, Washington expressed concerns regarding several non-tariff measures Seoul has implemented, including its regulatory strategy for online platforms.
The FTC reported that discussions during the recent meeting covered the commission's position on platform regulations and other current matters, without offering further specifics. This meeting was the first significant engagement since Ju assumed his role in August.
Ju also highlighted that as domestic businesses and consumers grow more reliant on international corporations, ongoing communication will be essential for enhancing the efficacy and trustworthiness of both competition and consumer protection policies.
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According to the commission, the meeting covered the FTC's position on platform regulations and other unresolved matters, though no further specifics were disclosed. A significant concern for the FTC involves progressing legislation designed to limit the monopolistic behaviors of major international platform providers. Ju had previously indicated that immediate action on regulations for global online platforms would be challenging, referencing ongoing tariff negotiations with the US.