Small Business Leaders Meet New Fair Trade Chief Joo Byungki: "Enhance Effectiveness of Supply Price Indexation System"

Seventeen Proposals Delivered, Including Introduction of a Korean-Style Discovery System

The small and medium-sized business sector met with Joo Byungki, the newly appointed Chairperson of the Fair Trade Commission, and requested measures to enhance the effectiveness of the supply price indexation system.

Exterior view of the Korea Federation of Small and Medium Businesses. Asia Economy DB

On the 18th, the Korea Federation of Small and Medium Businesses announced that it held a "Field Communication Meeting with Joo Byungki, the New Chairperson of the Fair Trade Commission and Small Business Owners" at its headquarters in Yeongdeungpo-gu, Seoul.

About 40 participants attended the meeting, including Kim Ki-moon, Chairman of the Korea Federation of Small and Medium Businesses; Yoon Haksoo, Chairman of the Korea Specialty Contractors Association; Park Changsuk, Chairwoman of the Korea Women Entrepreneurs Association; Jeong Gwangcheon, Chairman of the Innobiz Association; as well as heads of various small business organizations and chairpersons of industry-specific cooperatives.

The small business representatives delivered 17 proposals for institutional improvement aimed at creating a fair market ecosystem. These included: legislative supplementation to enhance the effectiveness of the supply price indexation system; introduction of a Korean-style discovery process to eradicate technology theft from small businesses; support for small businesses harmed by unfair trade practices using collected fines; granting small business cooperatives the right to request consultations; and enacting a law to ensure fair transactions on online platforms. They requested that effective improvement measures be prepared for these issues.

Chairman Kim emphasized, "Nearly 50% of small and medium-sized businesses are in a subordinate relationship, receiving orders and supplying goods to large companies. Therefore, the role of the Fair Trade Commission is crucial in ensuring the market operates fairly and that small businesses receive proper compensation."

Chairperson Joo Byungki stated, "I will do my utmost to guarantee a stable management environment and fair competition conditions for small and medium-sized businesses." He added, "Going forward, we will actively respond to unfair practices in the market and closely examine both the effectiveness and potential side effects of new institutional initiatives."

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