Fair Trade Commission Chair: "Monitoring Whether COVID-19 Burdens Are Shifted to Economically Vulnerable"

19th Fair Trade Day Commemorative Speech

[Image source=Yonhap News]

[Asia Economy Reporter Moon Chaeseok] Cho Sung-wook, Chairman of the Korea Fair Trade Commission, emphasized on the 1st, "We will systematically examine to ensure that the economic difficulties caused by the COVID-19 pandemic are not unfairly passed on to the vulnerable such as small and medium-sized enterprises, small business owners, and consumers."

In his commemorative speech for the 19th 'Fair Trade Day' on the same day, Chairman Cho stated, "We are closely observing the ripple effects of COVID-19 on our markets, companies, and consumers," revealing this policy.

He stressed, "We will continue efforts to establish an inclusive relationship between large corporations, SMEs, and small business owners, and to eradicate abuses of economic power such as preferential transactions within large business groups."

He also announced active responses to new types of consumer damages arising in the digital transaction environment, acts that hinder innovation competition by market-leading companies in new and growth industries, and technology misappropriation that dampens the innovative spirit of small and venture companies.

This year, 28 individuals who contributed to the development of fair trade systems and the spread of competitive culture were selected for awards on Fair Trade Day.

Frederic Jenny, Chair of the Competition Committee of the Organisation for Economic Co-operation and Development (OECD) (Order of Diplomatic Service Merit, Heungin Medal), and Professor Lee Hwang of Korea University (Order of Civil Merit, Hongjo Geunjeong Medal) received medals, while Professor Hong Myung-soo of Myongji University (Order of Service Merit, Geunjeong Medal) and Andrey Chiganov, Deputy Head of the Federal Antimonopoly Service of Russia (Order of Diplomatic Service Merit, Sugyo Medal) were awarded commendations.

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