Joesonguk Fair Trade Commission Chairman: "The Fruits of Innovative Growth Should Be Equally Enjoyed by Market Participants"

[Asia Economy Sejong=Reporter Dongwoo Lee] Cho Sung-wook, Chairman of the Fair Trade Commission, stated on the 1st that the fair economy infrastructure must be strengthened to achieve innovative growth and ensure that the benefits are evenly shared among market participants.

Chairman Cho made these remarks at the '21st Fair Trade Day' commemorative event held at the Korea Chamber of Commerce and Industry in Seoul on the same day.

Chairman Cho said, "Uncertainty is increasing due to the COVID-19 crisis and changes in the international situation, and potential risk factors are concentrated on vulnerable groups such as small business owners and self-employed individuals," adding, "We must create an inclusive market environment to prevent this from becoming a new form of polarization in our economy."

Fair Trade Day was designated as a commemorative day on April 1, the enforcement date of the Fair Trade Act, by four private economic organizations including the Korea Chamber of Commerce and Industry to promote voluntary compliance with the Fair Trade Act and the spread of a competitive culture. Since 2002, a commemorative ceremony has been held annually.

Economic organizations emphasized deregulation for companies. Shin Hyun-yoon, Chairman of the Korea Fair Competition Federation, said, "With the new government taking office in a month and in response to changes in the competitive environment due to the globalization and digitalization of the economy in the 4th Industrial Revolution era, bold and comprehensive regulatory reforms by the government and voluntary and active roles by companies are expected."

Woo Tae-hee, Executive Vice Chairman of the Korea Chamber of Commerce and Industry, said, "It is necessary to review whether the fair trade system adequately reflects recent accelerations in digital transformation and changes in global supply chains, and to design it so that our companies can secure global competitiveness."

At the event, Professor Park Sang-in of Seoul National University and Professor Lee Ho-young of Hanyang University, who contributed to policy advice for the Fair Trade Commission and the development of the fair trade system, each received the 'Order of Service Merit, Red Stripes,' among 25 fair trade contributors who were awarded medals and commendations. About 90 people attended the event, including Prime Minister Kim Boo-kyum, National Assembly Political Affairs Committee Chairman Yoon Jae-ok, and Chairman Choi Jin-sik of the Korea Federation of Medium-sized Enterprises.

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