Fair Trade Commission Nominee: "Difficult to Push Platform Act Amid Trade Uncertainty"

Difficulties in Advancing Antitrust Laws Due to U.S. Trade Pressure
Joo Byungki Stresses Need for Global Cooperation
Expresses Regret Over Delayed Tax Payments and Vows Greater Diligence

Joo Byungki, nominee for the chairman of the Fair Trade Commission, is responding to lawmakers' questions at the confirmation hearing held on the 5th at the National Assembly's Political Affairs Committee in Yeouido, Seoul. Photo by Yonhap News

Joo Byungki, nominee for the chairman of the Fair Trade Commission, stated on the 5th that due to trade pressure from the United States, it is currently difficult to push forward with antitrust legislation to regulate the monopolies of big tech companies. He also apologized for the controversy over his overdue taxes, saying, "I am sorry to the public."

At the National Assembly confirmation hearing held that morning, Joo emphasized regarding the Online Platform Act, "Trade negotiations are such a critical issue that, for now, I ask for your understanding that it is difficult to aggressively pursue platform legislation related to antitrust regulation."

He pointed out, "Just yesterday, Andrew Ferguson, chairman of the U.S. Federal Trade Commission (FTC), explicitly argued during his visit to Korea that there should be no preemptive regulation."

He continued, "When it comes to antitrust regulation, acts in which big tech companies exploit their monopolistic positions to take advantage of other market participants will inevitably continue," adding, "I believe global cooperation through international organizations such as the OECD is necessary to respond to this."

However, he did express his intention to push for legislation addressing power imbalances in business relationships. He said, "Issues related to power imbalances, which are unique to Korea, have recently spread rapidly even to the platform economy," and added, "I will cooperate on amending the law by communicating independently with the legislature, regardless of trade issues."

He commented, "Korea has been slow in promoting the Online Platform Act," and expressed regret, saying, "If it had been introduced three years ago when discussions were progressing rapidly, trade negotiations might have been less difficult."

Regarding overseas cases where regulations are being revised to allow the installation of third-party app markets in order to prevent big tech monopolies and promote competition, Joo said, "I agree with introducing such measures through benchmarking."

In response to criticism from Choo Kyungho and Yoo Youngha, lawmakers from the People Power Party, about his repeated tax delinquencies, he said, "The delayed payments were mistakes," and added, "I apologize to the public." Joo explained, "Whenever a delay was identified, I paid immediately," and promised, "I will be much more careful in the future to ensure there are no further delays."

Assemblyman Choo criticized, "There have been 15 cases of asset seizures due to unpaid taxes or fines, and 14 cases of seizures involving vehicles and other assets. Income tax and property tax delinquencies continued, and over the past seven years, there were five instances of missing the deadline for comprehensive income tax payments." Assemblyman Yoo also pointed out, "It is inappropriate for someone who does not fulfill the basic civic duty of paying taxes to assume public office."

In response, Joo explained, "I have always tried to live by the principle of fulfilling the law and my civic duties," and added, "I have never intentionally made any decision to avoid my tax obligations."

Regarding a question from Kim Yongman, a lawmaker from the Democratic Party of Korea, about the Homeplus situation, he said, "I will do my best to work with the National Assembly to come up with measures so that this situation does not lead to harm for small and medium-sized suppliers or consumers."