Joseonguk Fair Trade Commission Chairman Attends International Competition Network Annual Meeting

Held via video conference from the 14th to the 17th

Anyone Can Watch the ICN Internet Homepage Without Separate Application

Chairman Seongwook Cho of the Fair Trade Commission (file photo)

[Asia Economy Reporter Joo Sang-don] Cho Sung-wook, Chairman of the Korea Fair Trade Commission, will attend the 'International Competition Network (ICN) Annual Meeting' held from the 14th to the 17th.

ICN is a consultative body established in 2001 to discuss policies and law enforcement directions in the field of competition law worldwide, currently involving 129 countries. This year's meeting will be held via video conference due to the novel coronavirus disease (COVID-19), and any interested citizens can access and watch it on the ICN internet homepage without a separate application.

Chairman Cho will participate as a discussant in the plenary session titled 'Digital Strategies of Competition Authorities,' starting on the afternoon of the 15th, where he will present the Korea Fair Trade Commission's achievements and key tasks to be pursued in the digital economy era.

At this session, Chairman Cho is expected to emphasize that the advancement of the Fourth Industrial Revolution and the increase in online transactions due to COVID-19 will accelerate the growth of the digital economy. He will stress that in the digital economy era, it is more important than ever for the Fair Trade Commission to balance its role as a strict enforcer of competition law who promptly corrects market distortions without hindering market growth engines, and as a gardener fostering an innovative market ecosystem.

Furthermore, through the Fair Trade Commission's special ICT task force, a considerable number of cases are being investigated in four areas: online platforms, mobile, intellectual property rights, and semiconductors. He will also announce plans to build a case data database to strengthen case handling capabilities.

The Fair Trade Commission is promoting the enactment of the 'Act on the Fairness of Online Platform Intermediated Transactions' to effectively curb abuse of transaction status by online platform operators against platform users, and the comprehensive revision of the 'Electronic Commerce Act' to protect consumer rights in platform-based transactions.

A Fair Trade Commission official said, "The Chairman's attendance at this annual meeting will publicize the Commission's achievements and policy directions in realizing a digital fair economy to the international community, and by understanding foreign competition authorities' policies, it will greatly help the development of our country's policies in the future."

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