New FTC head vows removal of anti-competitive practices

The Korea Times

The Korea Times

Business

Sat, September 30, 2023 | 21:06

Companies

New FTC head vows removal of anti-competitive practices

Posted : 2022-09-19 17:43

Updated : 2022-09-19 18:45

President Yoon Suk-yeol, left, and Fair Trade Commission (FTC) Chairman Han Ki-jeong, pose for a photo after Han was appointed to lead the FTC at the presidential office in Yongsan, Seoul, Sept. 16. Korea Times file

By Lee Kyung-min

Fair Trade Commission (FTC) Chairman Han Ki-jeong pledged Monday to gradually ease anti-competitive practices in the market, pursuing a broader policy directive to restore fair competition underpinned by healthy market principles.

Unnecessary, unclear and outdated regulations will be removed to help the country's large conglomerates, long bogged down by a lack of predictability in administrative judgments and oftentimes subject to arbitrary, restrictive interpretations and implementations of related laws, he said. The measures will help with effective business planning and market stability.

Digitization of commerce will be best regulated by guaranteeing fair competition among market players, mostly platform operators, he added, a critical basis upon which the rights of small and medium-sized enterprises (SMEs) and consumers will be protected.

Online fraud and technology theft will be met with the strongest possible punitive measures, especially concerning activities that trigger price hikes of goods and services, factors with close-to-home impacts on taxpayers.

Fair market, competition

"The role of the FTC is to ensure the enforcement of laws established to prevent collusion by a few at the expense of many," Han said during a meeting with reporters at the FTC building in Sejong, Monday.

The meeting followed Han's appointment to the position on Sept. 16. The FTC chairmanship is one of the last ministerial-level positions to be filled after President Yoon Suk-yeol took office in May.

"We will continue efforts to revise any regulations that limit and prevent competition in the market, a policy priority to best advance consumer rights and interests," he said.

He said he has learned from his years of experience as the head of major legal, academic and financial organizations to always maintain a perspective that can strike a balance among parties with differing interests.

He served as head of the Association of Korea Law Schools, president of Seoul National University School of Law and a member of the conflict mediation committee under the Financial Supervisory Service (FSS).

"Establishing principles and following them in an unwavering manner I think is crucial to leading the country's top antitrust agency, a conviction that must be furthered by open and continued communications with market participants of all sizes and varying stakes."

He said he was open to revising laws that are considered old and growth-stunting by market participants and industry watchers.

Under review are the easing of financial statements disclosures for large conglomerates and revising the definition of what the Korean law considers "close family members."

"I am aware of criticism that some regulations are falling far behind the economic developments of the past few decades and subsequent changes in market conditions," he said. "The FTC will look into areas that need prompt improvements to best reflect the current business environment."

lkm@koreatimes.co.kr