Democratic Party's Delay of Onple Act Called "the Right Decision" by U.S. Think Tank

ITIF Publishes Press Release on Its Website

The Information Technology and Innovation Foundation (ITIF), a U.S. think tank, assessed the Democratic Party of Korea's decision to postpone the handling of the Online Platform Act (Onple Act) until after the South Korea-U.S. summit as "the right decision."

On August 5 (local time), ITIF published a press release on its website containing this assessment.

Kim Sejin, Deputy Director of the Korea Center for Innovation and Competitiveness under ITIF, stated in the press release, "Currently, this bill could create entry barriers that suppress the growth of small and medium-sized enterprises, distort market incentives, and result in penalizing the typical profit-seeking activities of large corporations."

He further noted, "This also raises concerns about discriminatory measures and restricted market access by making U.S. digital companies direct targets of regulation," adding, "The Korean government should seriously consider these concerns in the upcoming South Korea-U.S. trade negotiations."

It has been reported that the party and the government agreed on August 4 to delay the legislation of the Onple Act until after the South Korea-U.S. summit scheduled for later this month. As the U.S. government publicly opposed the Onple Act, which was also a presidential campaign pledge of President Lee Jaemyung, it appears that the policy initiative has been stalled.

ITIF is a leading U.S. think tank in the field of advanced technology policy and has advocated for the protection of the interests and rights of major U.S. big tech companies such as Google, Apple, and Meta. In particular, ITIF has argued that while South Korea regulates U.S. big tech through the Onple Act, Chinese companies could benefit as a result.

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