Seoul: The nominee to head the country's antitrust watchdog, the Fair Trade Commission, pledged Thursday to make every effort to create a fair and healthy market environment. Ju Biung-ghi, an economics professor at Seoul National University, made the remarks upon arriving at the office of his confirmation hearing preparation team, a day after he was nominated by President Lee Jae Myung.
According to Yonhap News Agency, Ju emphasized the importance of securing fair trade between companies, with a focus on correcting the abuse of power by large corporations and ensuring equal economic opportunities for all. He highlighted the necessity of fostering an ecosystem where both large conglomerates and small- and medium-sized enterprises (SMEs) can compete and cooperate on fair terms and grow together.
Ju also addressed proposed regulations targeting online platforms, asserting that the country should devise optimal policy measures following the completion of ongoing trade talks with the United States. He pointed out that not all issues can be resolved through legislation alone, advocating for the creation of a market order that strengthens the bargaining power of weaker players.
During the recently concluded tariff negotiations, Washington reportedly expressed concerns over various non-tariff measures implemented by Seoul, including regulations on online platforms.