Kim Jae-shin, New Vice Chairman of the Fair Trade Commission, "Will Thoroughly Block Monopoly Harms While Keeping the 'Innovation Flame' of New Industries Alive"

Inauguration Ceremony at Government Sejong Complex on the 18th

[Sejong=Asia Economy Reporter Joo Sang-don] Kim Jae-shin, the newly appointed Vice Chairman of the Fair Trade Commission, stated on the 18th, "In the field of new industries, various fair trade cases that are emerging must thoroughly block the harms of monopolies while not extinguishing the spark of innovation."

On this day, at the inauguration ceremony held at the Government Sejong Complex, Vice Chairman Kim said, "In the United States, where competition law emerged in the late 19th century, new monopoly issues such as platforms, the internet, and data are now being raised, requiring close responses from competition authorities."

He emphasized, "We must strengthen policy efforts and law enforcement to establish a fair trade order in new industry fields such as Information and Communication Technology (ICT), and successfully complete digital fair economy tasks such as the 'Online Platform Fairness Act' announced last June."

He urged that various policies, including legislative tasks, must be completed without delay to produce fair economy outcomes that the public can feel.

Vice Chairman Kim said, "Unfortunately, during the 20th National Assembly, major legislative tasks such as the comprehensive revision of the Fair Trade Act were not completed," adding, "In this regular session of the National Assembly, efforts must be made to pass fair economy legislative tasks, including the Fair Trade Act, the Subcontracting Act, and the Franchise Business Act, so that the public can experience their results."

He also called for the discovery of competition-restrictive regulations and strengthening reform efforts. Vice Chairman Kim stated, "We need to find competition-restrictive regulations and systems and improve the fundamental causes that induce anti-competitive behavior," adding, "It is necessary to strengthen efforts to discover regulatory reform tasks linked to cases."

He once again emphasized strengthening cooperation with local governments and others to improve the relationship between dominant and subordinate parties, as well as enhancing practical relief for the subordinate parties. He said, "Resolving the dominant-subordinate relationship has limitations with the Fair Trade Commission's power alone. It is necessary to gradually expand and deepen cooperation with local governments and others within a reasonable scope," adding, "We must check whether systems established for relief of subordinate parties, such as dispute mediation and punitive damages, are functioning effectively and improve any parts that need supplementation."

To Fair Trade Commission staff, he urged strengthening expertise and efforts to communicate externally. Vice Chairman Kim said, "There is a need to seek a system for systematic and intensive education for new employees and sharing valuable experiences during field investigations or case handling with colleagues," adding, "We must actively communicate with related organizations such as the National Assembly and the media, create various forums for discussion, and actively explain and seek understanding of the Fair Trade Commission's position."

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