Han Ki-jung Appointed as Fair Trade Commission Chairman: "Will Promote Market Innovation Competition"

Han Ki-jung Appointed as the First Fair Trade Commission Chairman under the Yoon Administration

[Image source=Yonhap News]

[Asia Economy Sejong=Reporter Lee Jun-hyung] Han Ki-jung, a professor at Seoul National University School of Law and the inaugural chairman of the Korea Fair Trade Commission (KFTC) under the Yoon Seok-yeol administration, announced his commitment to promoting market competition and strengthening the foundation of fair trade.

At the inauguration ceremony held on the 16th in the KFTC's main conference room in Sejong, Chairman Han stated, "We will promote innovative competition in the market through strict law enforcement and advocacy for competition." In his inaugural speech, he outlined four major tasks for the KFTC: ▲promoting innovative competition ▲activating policies for large business groups ▲strengthening the foundation of fair trade ▲innovating law enforcement methods. Chairman Han emphasized, "For our economy to take a leap forward, an economic system where growth and distribution circulate fairly in a virtuous cycle is necessary," adding, "We will focus on these four tasks as we move forward with our work."

Chairman Han first highlighted the importance of market competition. He said, "Monopolistic and dominant businesses employ strategies to obstruct market entry and business activities of competitors to maintain and strengthen their positions," adding, "In the digital economy, where dynamism and innovation are crucial, the damage caused by this is even greater and must be blocked in a timely manner." He continued, "We will strictly sanction chronic collusion in consumer goods sectors closely linked to people's daily lives and in intermediate goods sectors used in production activities," and added, "We will consistently uphold essential market basic norms necessary for fair market regulation."

Regarding policies for large business groups implemented since the end of last year, he emphasized 'rational operation.' Chairman Han said, "We will strictly sanction unfair internal transactions that provide undue benefits to the controlling family and those aimed at support unrelated to efficiency." He also stated, "We will simultaneously improve the system by reducing and adjusting the scope of related parties to increase efficiency and reduce unnecessary burdens."

Han Ki-jung, nominee for Chairman of the Fair Trade Commission, is attending the confirmation hearing held at the National Assembly on the 2nd of this month, responding to questions from lawmakers. Photo by Yoon Dong-joo doso7@

He also suggested the necessity of introducing a delivery price linkage system. Chairman Han said, "We will create a transaction environment where small and medium-sized enterprises (SMEs), which have faced difficult management conditions due to the sharp rise in raw material prices, can receive timely and fair payments," adding, "We will thoroughly block acts of technology misappropriation that undermine the competitiveness of SMEs."

He also mentioned the platform economy. Initially, the KFTC had pushed for the enactment of the 'Online Platform Fairness Act,' focusing on platform regulation during the previous administration, but it was effectively shelved. Chairman Han expressed his intention to approach unfair issues related to platforms with balance. He said, "The digital economy has become an opportunity for small and medium-sized vendors, but new unfair problems have also emerged," adding, "We will address conflicts between online platforms and vendors by balancing the two major values of fairness and innovation."

Chairman Han emphasized trust between the government and the market. He said, "For government efforts to bear fruit, above all, strong trust between the market and the government must be a prerequisite," adding, "Such trust can be built through the government's persuasive institutional design and rational enforcement." He further stated, "To this end, we will innovate law enforcement methods to enhance predictability and transparency in investigations and case handling," and added, "We will also strive for prompt and effective relief for damages."

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