Seoul: U.S. companies will be treated the same as domestic firms under South Korea's proposed regulations for online platforms, the country's antitrust watchdog announced in response to a recent inquiry from the U.S. House of Representatives. The Fair Trade Commission (FTC) confirmed that its formal response has been delivered to the U.S. House of Representatives Judiciary Committee.
According to Yonhap News Agency, the FTC assured that the current enforcement of the law, alongside future legislative discussions, will proceed without discrimination between domestic and foreign companies. The same legal principles and standards will apply to all firms, ensuring a level playing field in the online platform sector. This statement aligns with President Lee Jae Myung's campaign promise to prevent the abuse of market dominance by global online platform operators through new regulatory measures, which include limiting commission fees and banning unfair practices.
During the recent tariff negotiations, the United States reportedly expressed concerns over various non-tariff measures implemented by Seoul. These include the proposed online platform regulations and an ongoing import ban on American beef from cattle aged 30 months or older. The FTC's commitment to equal treatment underlines South Korea's intention to address these concerns while maintaining its regulatory objectives.