Fair Trade Commission Chairman: "Bonus Points for Large Corporations Supporting COVID-19 'U-Turn' Partner Companies"

The person on the right is Joseph Cho, Chairman of the Korea Fair Trade Commission.

[Asia Economy Reporter Moon Chaeseok] The Fair Trade Commission announced that it will award additional points when evaluating fair trade agreements of large corporations that supported partner companies that 'returned' to Korea to overcome the novel coronavirus infection (COVID-19).

On the morning of the 24th, Chairman Cho Sung-wook visited Yuyang D&U, a manufacturer of power supplies for displays located in Hwaseong-si, Gyeonggi-do, and made this announcement. Present at the site were Chairman Cho, executives from related organizations such as the Electronics Industry Cooperative and the Electronics and Information Telecommunications Industry Promotion Association, as well as representatives from LG Electronics and electronic component manufacturers.

First, additional points will be given to large corporations that supported 'returnee companies.' Companies that prepare support measures for partner companies returning to Korea due to the COVID-19 crisis and external risks will receive newly established additional points in the fair trade agreement evaluation starting this year.

Chairman Cho stated, "We will revise the fair trade agreement evaluation criteria to award additional points for win-win efforts to overcome crises such as natural disasters and infectious diseases," adding, "We plan to immediately implement this year the consideration of support for relocating overseas partner companies to Korea as an evaluation factor."

Support measures to enhance the bargaining power of subcontractors have also been prepared. Chairman Cho explained, "We plan to relax the requirements related to subcontractors' requests for delivery price adjustments in the first half of the year," and "Starting in May, subcontractors will be able to request an increase in subcontract payments not only when the existing supply cost changes but also when costs increase due to delivery extensions."

He emphasized, "Above all, it is most important to prevent or minimize problems through cooperation between large and small-medium enterprises," and added, "If issues such as delivery delays occur due to parts and raw material supply disruptions, we will continuously monitor to ensure that undue burdens are not unfairly transferred to subcontractors who are in a relatively disadvantaged position."

This content was produced with the assistance of AI translation services.