Seoul: The Fair Trade Commission (FTC) chief nominee stated on Friday that advancing regulations concerning global online platforms would be challenging due to potential tariff-related repercussions from the United States.
According to Yonhap News Agency, Ju Biung-ghi, who is nominated to lead South Korea's antitrust body, made these remarks during his parliamentary confirmation hearing. This comes as reports suggest the government is progressing with legislation aimed at curtailing monopolistic behaviors by major global platform operators.
Ju emphasized the significance of trade negotiations, indicating that it is currently challenging to aggressively advance the platform monopoly regulation act. He also referred to recent comments by U.S. Federal Trade Commission Chairman Andrew Ferguson, who expressed concerns regarding what he described as discriminatory treatment towards American companies.
Despite these challenges, Ju highlighted the necessity for enhanced oversight of large digital platforms, suggesting that global cooperation through international organizations could be a viable approach.
President Lee Jae Myung, during his campaign, had promised to prevent the misuse of market dominance by global online platforms through new regulatory measures, including limiting commission fees and prohibiting unfair practices.
In the South Korea-U.S. tariff negotiations held in July, Washington reportedly expressed concerns about various non-tariff measures adopted by Seoul, such as its regulatory stance on online platforms and the ongoing ban on American beef imports from cattle over 30 months old.