Joseonguk Fair Trade Commission Chairman "ICT Task Force Reorganization... Broadcom Sanctions to Be Reviewed Soon"

Chairman Jo Sung-wook of the Korea Fair Trade Commission is giving a lecture at the "Policy Lecture Invited by the Chairman of the Fair Trade Commission" held on the 13th at the Chamber Lounge of the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Sejong=Reporter Dongwoo Lee] Chairman Seongwook Cho of the Korea Fair Trade Commission announced that the ICT task force will be significantly reorganized to promote digital fair economy policies. He also stated that a plenary meeting will be held soon to review the abusive practices of Broadcom, a U.S. smart device parts company, which forced long-term contracts on domestic device manufacturers.

At a New Year's press briefing held at the Sejong Government Complex on the 27th, Chairman Cho said, "The biggest characteristic of the digital economy is that issues of monopoly, tenant companies, and consumers are closely interconnected," adding, "We will promote policies with a balanced perspective on competition, suppliers and consumers."

Chairman Cho explained, "First, we intend to prioritize swiftly and strictly responding to the abuse of monopoly power by giant platforms, such as exclusionary acts in the semiconductor market and preferential treatment in the mobility market, to maintain and protect the innovation momentum of the digital market."

He added, "To systematically implement these policies and simultaneously strengthen communication with overseas competition authorities and markets, we plan to significantly reorganize the ICT task force."

Chairman Cho cited Broadcom's abusive practices as an example of monopoly abuse. He said, "I understand that the Fair Trade Commission recently submitted a review report regarding Broadcom's coercion of long-term contracts on domestic device manufacturers," emphasizing, "We will establish minimum protections for tenant companies in blind spots, such as by promoting the enactment of the Online Platform Act."

He further explained, "As consumer damage is increasing due to new types of digital deception such as dark patterns, we plan to enhance information provision to consumers to create an environment where consumers can make rational decisions on their own."

Meanwhile, regarding the final term of his tenure, Chairman Cho said, "It is regrettable that the legislative tasks for the digital fair economy policies we have been promoting to foster innovation are somewhat delayed."

Nonetheless, he stated, "We have overhauled the Fair Trade Act for the first time in 40 years to establish a foundation for a fair economy and have continuously communicated internally and externally to ensure the amended law takes root well in the market," adding, "Although the policy environment is expected to be more uncertain than ever this year, I will steadfastly fulfill my role as a gardener of the market economy."

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