[New Year's Address] Seongwook Cho, Fair Trade Commission Chairman, "Platform Fairness Act and E-commerce Act Amendments Must Be Completed"

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

[Sejong=Asia Economy Reporter Joo Sang-don] Cho Sung-wook, Chairman of the Fair Trade Commission, expressed his New Year's resolution on the 31st, stating, "We will definitely complete the enactment of the Platform Fairness Act to make the transaction relationship between platform operators and tenant businesses transparent and fair."

In his New Year's address for the Year of the Black Ox, Chairman Cho said, "We must swiftly complete the institutional improvements to realize a digital fair economy."

He also announced plans to amend the Electronic Commerce Act to protect consumers' right to choose in online transaction environments and to secure platform accountability while establishing effective measures for damage prevention and relief in the relationship between platforms and consumers. Furthermore, Chairman Cho expressed his determination to respond strictly and consistently to acts where platform operators abuse monopoly power and hinder innovation and competition.

He emphasized the smooth implementation of the fully revised Fair Trade Act. He stated, "We must actively communicate with stakeholders such as companies to ensure that the Fair Trade Act is implemented in line with the purpose of the revision and public expectations, and steadily organize subordinate regulations such as enforcement ordinances." He added, "We will actively promote the prompt completion of the amendment work on the Franchise Business Act, Agency Act, and Subcontracting Act, which contain substantial institutional measures to enhance the bargaining power of small business owners and small subcontractors and to help prevent and resolve disputes."

He self-assessed that considerable achievements were made this year. The Fair Trade Act was fully revised for the first time in 40 years, and dispute resolution standards were established for five sectors including travel and weddings amid the crisis caused by the novel coronavirus disease (COVID-19).

Chairman Cho said, "Laying the foundation for a fair economy is the government's role, but completing a fair economy ultimately depends on market participants." He added, "Only when companies willingly take new steps toward mutual cooperation can a fair economy truly take root."

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