Chairman Joo Byeong-gi of the Fair Trade Commission stated, "We will respond consistently to various unfair practices of domestic and foreign online platforms that hold monopolistic positions in accordance with the law and principles."
In his opening remarks during a report to the National Assembly's Political Affairs Committee on the 28th, Chairman Joo emphasized, "I will actively participate in legislative discussions at the National Assembly level to establish a fair trading order between platforms and their partner companies." This indicates that the Fair Trade Commission will maintain its existing principle-based response to unfair practices while also engaging in legislative discussions related to platform trading order.
On this day, Chairman Joo outlined key initiatives for the year, highlighting the need to address the power imbalance between large and small enterprises. He stated, "We will revise laws in various ways to ensure that economically vulnerable parties in subcontracting, franchising, and distribution sectors receive fair compensation on time, while also focusing on inspecting major unfair practices such as technology theft and non-payment of fees, and we will respond firmly to illegal activities."
He also stressed the importance of creating an environment where both large and small businesses can grow together by shortening the payment periods for suppliers of large retail companies and promoting institutional improvements that allow small and medium-sized enterprises and small business owners to negotiate collectively with large corporations.
Regarding collusion, which directly affects people's livelihoods, he noted, "Recently, we have taken strict measures against collusion in the sugar, flour, and starch sectors amid the ongoing inflation crisis due to changes in international circumstances," adding, "In the future, we will pursue institutional improvements to cancel registrations or suspend operations for companies that repeatedly engage in collusion."
Chairman Joo also promised swift handling of cases, stating, "The Fair Trade Commission is currently working to increase its workforce by over 400 to ensure prompt case processing," and explained, "We are also pursuing the rationalization of economic penalties and strengthening economic sanctions to secure effective deterrence against legal violations."
Additionally, regarding the regulation of large corporate groups, he assured thorough monitoring of unfair internal transactions and self-dealing practices, while also aiming to enhance the effectiveness of policies by reducing incentives for dual listings within holding company structures.
In his opening remarks during a report to the National Assembly's Political Affairs Committee on the 28th, Chairman Joo emphasized, "I will actively participate in legislative discussions at the National Assembly level to establish a fair trading order between platforms and their partner companies." This indicates that the Fair Trade Commission will maintain its existing principle-based response to unfair practices while also engaging in legislative discussions related to platform trading order.
On this day, Chairman Joo outlined key initiatives for the year, highlighting the need to address the power imbalance between large and small enterprises. He stated, "We will revise laws in various ways to ensure that economically vulnerable parties in subcontracting, franchising, and distribution sectors receive fair compensation on time, while also focusing on inspecting major unfair practices such as technology theft and non-payment of fees, and we will respond firmly to illegal activities."
He also stressed the importance of creating an environment where both large and small businesses can grow together by shortening the payment periods for suppliers of large retail companies and promoting institutional improvements that allow small and medium-sized enterprises and small business owners to negotiate collectively with large corporations.
Regarding collusion, which directly affects people's livelihoods, he noted, "Recently, we have taken strict measures against collusion in the sugar, flour, and starch sectors amid the ongoing inflation crisis due to changes in international circumstances," adding, "In the future, we will pursue institutional improvements to cancel registrations or suspend operations for companies that repeatedly engage in collusion."
Chairman Joo also promised swift handling of cases, stating, "The Fair Trade Commission is currently working to increase its workforce by over 400 to ensure prompt case processing," and explained, "We are also pursuing the rationalization of economic penalties and strengthening economic sanctions to secure effective deterrence against legal violations."
Additionally, regarding the regulation of large corporate groups, he assured thorough monitoring of unfair internal transactions and self-dealing practices, while also aiming to enhance the effectiveness of policies by reducing incentives for dual listings within holding company structures.
* This article has been translated by AI.
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