Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Regulations on online platforms delayed until after Lee-Trump summit
Civic groups hold a press conference in front of the U.S. Embassy in Seoul, July 28, to urge the government and lawmakers to legislate regulations on online platforms. Yonhap
By Park Jae-hyuk
US House asks Korean antitrust watchdog for briefing on impacts of proposed laws
The government and the ruling Democratic Party of Korea (DPK) decided Monday to suspend their push to legislate regulations on online platforms until after the summit in Washington between the leaders of Korea and the United States later this month.
The decision followed a request last month from the U.S. House of Representatives for the Fair Trade Commission to brief it by Thursday on how the proposed regulations on online platforms would affect U.S. companies.
“Without discussion on the bill to regulate monopolistic online platforms, we initially planned to discuss the bill for fair intermediary transactions on online platforms," Rep. Kang Jun-hyeon of the DPK told reporters after meeting with FTC officials.
"But we decided to reach a conclusion after hearing feedback from the presidential office and the government following the summit."
The lawmaker also noted that a cautious approach is needed, given the serious concerns the U.S. has over this issue.
In line with President Lee Jae Myung’s campaign pledge, the DPK had pushed ahead with two separate bills aimed at regulating monopolistic online platforms and protecting small business owners who use online platforms.
However, U.S. policymakers and businesses have labeled the proposed laws as nontariff barriers, expressing concerns that these measures could harm large U.S. tech companies, such as Google, Apple and Meta, and lead to unexpected advantages for Chinese platform operators.
Wary of potential negative effects on tariff negotiations, the government and ruling party had already postponed their plan to legislate a law aimed at regulating monopolistic online platforms.
After the government announced that the tariff agreement signed Thursday between Korea and the U.S. did not address this issue, however, there had been expectations that legislation for fair intermediary transactions on online platforms might gain traction.
Continued U.S. pressure, however, ultimately led the government and ruling party to maintain their cautious stance, fueling speculation that Lee’s major campaign pledge could be derailed.
Under the previous Yoon Suk Yeol administration, Korea failed to enact a law to regulate online platforms or revise the Fair Trade Act for similar purposes, facing intense opposition from U.S. politicians and business interests.