[2020 National Audit] Seongwook Jo "Reorganizing Platform Legal Responsibility... Promoting Amendment of the Electronic Commerce Act"

Chairman Jo Sung-wook of the Korea Fair Trade Commission. (Photo by Korea Fair Trade Commission)

[Asia Economy Reporter Moon Chaeseok] "We will continue to reorganize the legal responsibilities of platforms regarding consumer protection and promote amendments to the Electronic Commerce Act to expand consumer choice."

Chairman Cho Sung-wook of the Fair Trade Commission reported on this work status at the National Assembly's Political Affairs Committee audit held on the 8th.

On that day, Chairman Cho announced plans to ▲eradicate abuse of economic power by large business groups ▲sanction technology theft acts ▲realize consumer rights in the digital transaction environment ▲maximize the Fair Trade Commission's work capabilities.

He informed that a new comprehensive government-wide measure for subcontracting and franchise sectors has been prepared to establish inclusive win-lose relationships.

He said that focused monitoring of internal transactions and a full revision plan of the Fair Trade Act, including the regulatory system for large business groups, have been prepared and submitted to the National Assembly.

He stated that efforts will be concentrated on protecting consumer benefits in digital transactions through future legislative promotion of the Online Platform Act and amendments to the Electronic Commerce Act.

Chairman Cho reported, "Through the legislative promotion of the Online Platform Act, we will establish a foundation for fair trade and win-win cooperation in the digital ecosystem. We will reorganize the legal responsibilities of platforms regarding consumer protection and promote amendments to the Electronic Commerce Act to expand consumer choice."

He also pledged to introduce measures to revitalize venture investment. Chairman Cho said, "We will actively cooperate in legislating the limited holding method of CVC by general holding companies."

Additionally, he mentioned plans to ▲raise the size threshold for small businesses exempt from the application of the Subcontracting Act ▲establish legal grounds for the voluntary compliance system.

He also committed to strengthening organizational capabilities. Chairman Cho stated, "Above all, we will secure public trust in the Fair Trade Commission and maximize work capabilities. We plan to promote the establishment of the Fair Trade Data Portal System and expand collaboration systems with external experts."

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