Fair Trade Commission, Responds to US Chamber's Platform Act Concerns with "Will Communicate Fully"

Sufficient Collection of Opinions from Domestic and International Stakeholders

[Image source=Yonhap News]

The Korea Fair Trade Commission (KFTC) has stepped in to ease tensions after the American Chamber of Commerce expressed public concerns over the enactment of the "Platform Fair Competition Promotion Act (Platform Act)," stating it will "engage in sufficient communication with domestic and international stakeholders."

On the 30th, the KFTC explained in a press release, "Once the specific contents of the bill are finalized, we will fairly and transparently listen to the opinions of domestic and international stakeholders and proceed with the legislation."

The KFTC added, "A lecture by KFTC Chairman Han Ki-jung, invited by the U.S. Chamber of Commerce, is scheduled for March 7," emphasizing that ample opportunities are being provided to the U.S. Chamber for submitting opinions during the legislative process.

Previously, on the 11th and 25th, the KFTC held two meetings with member companies at the request of the American Chamber of Commerce in Korea. Big tech companies such as Google, Apple, and Meta, which have been mentioned as potential regulatory targets, did not attend these meetings.

A KFTC official stated, "The intent of the U.S. Chamber's statement is not to oppose the Platform Act itself but to request sufficient opportunities to express opinions during the legislative process."

Earlier, on the 29th (local time), the U.S. Chamber issued a statement signed by Charles Freeman, Vice President for Asia, expressing concerns about South Korea rushing to pass platform regulations. Vice President Freeman pointed out that platform regulations could hinder competition and potentially violate intergovernmental trade agreements, urging the Korean government to disclose the entire text of the bill and provide sufficient opportunities for discussion with stakeholders, including the U.S. government.

The Platform Act being pursued by the government aims to designate platform companies with monopolistic status as dominant operators in advance and strengthen monitoring by prohibiting four major unfair practices. The KFTC is reportedly in the final stages of consultations with related ministries to decide on the detailed contents of the bill. With the government proposal expected to be released next month, the industry anticipates that four companies?U.S. Apple, Google, and Korea's Naver and Kakao?will be subject to regulation.

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