Fair Trade Commission Chairman Jo Seong-wook Meets Chey Tae-won: "Communication with Economic Agents Is More Important Than Anything"

KCCI and Policy Meeting
Explanation of Fair Trade Policy Direction for 2022 and Listening to Economic Sector Opinions

Jong-wook Cho, Chairman of the Fair Trade Commission. (File photo)

[Sejong=Asia Economy Reporter Joo Sang-don] Cho Sung-wook, Chairman of the Fair Trade Commission, stated on the 13th, "For newly introduced policies such as the amended Fair Trade Act to take root in the market, communication with various economic actors is more important than anything else."

On the morning of the same day, Chairman Cho held a policy meeting at the Korea Chamber of Commerce and Industry (KCCI) with KCCI Chairman Chey Tae-won and representatives of 10 major member companies, saying, "We will meet with economic organizations such as the Korea Federation of SMEs, academic organizations related to fair trade, and young consumers to listen to their vivid voices and communicate."

This was in response to Chairman Chey’s remark at the meeting that "Since the desire for national economic development is not different between the Fair Trade Commission and companies, it is important to form mutual consensus through sufficient communication in the process of finding solutions."

In particular, Chairman Chey expressed hope that the changes in the industrial and market landscape brought by the 4th Industrial Revolution and the carbon-neutral era would be reflected in fair trade policies, and requested that predictability be maximized so that companies are not exposed to legal risks related to newly introduced systems.

This meeting was organized to explain the Fair Trade Commission’s policy direction for 2022 to companies at the start of the new year and to listen to opinions from the economic sector, facilitating communication with the business community.

At the meeting, Chairman Cho introduced that the amended Fair Trade Act, which took effect on December 30 last year, includes provisions for improving corporate group governance, establishing a foundation for innovative growth, restructuring law enforcement systems, and improving law enforcement procedures. He emphasized that the amendment, the first in 40 years, signifies the establishment of an institutional foundation for realizing a "fair and innovative market economy system."

He also mentioned that in the digital economy, due to the multi-sided structure of platforms, competition issues, principal-agent issues, and consumer issues arise simultaneously, requiring organic and coherent responses to promote competition and enhance consumer rights. To this end, he explained that monitoring of unfair practices that hinder innovation incentives in the digital economy will be strengthened, and legislation for the Online Platform Fairness Act and amendments to the Electronic Commerce Act will be pursued.

Along with this, he stated that measures to rationalize the system related to the same person (head of a corporate group) will be reviewed in line with changes in the policy environment to enhance the consistency and rationality of large corporate group policies. The Fair Trade Commission is reviewing ▲ ways to define and set requirements for the same person, ▲ legal issues and specific clause supplementation when designating foreigners as the same person, and ▲ the scope of persons related to the same person.

Furthermore, Chairman Cho urged large corporations to invest quickly and boldly in excellent venture companies to revitalize venture investment.

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