AMCHAM Meets Fair Trade Commission Chief: "Regulatory Environment Must Be Predictable"

"Call for a Predictable Regulatory Environment"
Exchange of Views on AI and Platform Policies

James Kim, Chairman and CEO of the American Chamber of Commerce in Korea (AMCHAM), met with Byeonggi Joo, Chairman of the Korea Fair Trade Commission, and urged for greater predictability in the regulatory environment. He pointed out that regulations such as the Personal Information Protection Act and platform regulations involve significant fines and their scope of application can vary depending on interpretation, which could increase market risks in Korea.

On the morning of November 6, at the Four Seasons Hotel in Jongno-gu, Seoul, James Kim held a meeting with Chairman Byeonggi Joo to discuss the direction of fair trade policies under the Lee Jaemyung administration and major issues faced by foreign companies in the Korean market. Emphasizing the importance of close communication between the government and businesses, Kim reiterated, "A predictable and transparent regulatory environment is a key factor in enhancing Korea's competitiveness and investment appeal."

James Kim, Chairman and CEO of the American Chamber of Commerce in Korea (AMCHAM), and Byeonggi Joo, Chairman of the Korea Fair Trade Commission, are holding a meeting on the morning of the 6th at the Four Seasons Hotel in Jongno-gu, Seoul. AMCHAM

He especially praised the momentum created for Korea-U.S. economic cooperation through the Asia-Pacific Economic Cooperation (APEC) CEO Summit, stating, "By expanding an innovation-friendly regulatory framework and promoting evidence-based, open dialogue, we can create a business environment with global competitiveness."

Chairman Byeonggi Joo of the Korea Fair Trade Commission said, "The Fair Trade Commission continues policy dialogue and close cooperation with competition authorities around the world, but institutional and law enforcement environments differ from country to country, and it is sometimes difficult to fully understand each other's approaches. Through ongoing dialogue, we can reduce misunderstandings and enhance the effectiveness and credibility of our policies."

During the closed-door meeting, the Fair Trade Commission's stance on platform policies was shared. There were also extensive discussions on various topics, including ways to improve regulations that restrict competition, the policy direction of the Fair Trade Commission in response to the development of new technologies such as AI, and strengthening policy communication with multinational companies.

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