Fair Trade Commission Chairman: "Strict Response to Unfair Practices by Big Tech Companies"
Fair Trade Commission holds symposium with Korean Economic Association and Korean Industrial Organization Association
Discussing 'Innovation and Competition Policy in the ICT Industry'
[Asia Economy Reporter Moon Chaeseok] "Strict measures are needed against unfair practices by domestic and international big tech companies."
On the 16th, Cho Sung-wook, Chairman of the Korea Fair Trade Commission, stated this at the 'Innovation and Competition Policy in the Information and Communication Technology (ICT) Industry' symposium co-hosted by the Korean Economic Association and the Korean Industrial Organization Society.
Chairman Cho said, "In the context of accelerating transition to the digital economy, we are paying close attention to and responding to innovation and competition issues in the ICT industry."
He diagnosed, "There is a growing possibility of anti-competitive behavior by giant platform operators possessing vast amounts of data and algorithm technologies, such as obstructing market entry of other businesses or abusing their trading position against tenant companies."
He added, "It is necessary to improve systems such as enacting the Online Platform Fairness Act and to strictly respond to unfair practices by domestic and international big tech companies."
He continued, "The Fair Trade Commission plans to approach the ICT industry with a balanced perspective and will communicate with academia and industry to understand market conditions and issues."
The symposium was divided into two sessions: 'Data Economy and Competition Policy' and 'Promotion of Competition and Regulation in the Platform Economy.'
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Taking this symposium as an opportunity, the Fair Trade Commission plans to continuously communicate with stakeholders and experts regarding innovation and competition issues in the ICT industry. Based on this, it intends to actively respond to new competition issues in the field.
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