Korea Economic Association Holds K-ESG Alliance Meeting

Joo Byungki, Chairman of the Fair Trade Commission, Invited
Discussion on "Fair Trade Policy Direction and ESG Management Strategy"
Kim Yoon: "The Fair Trade Commission Is a Strong Supporter of ESG Management"

The Korea Economic Association announced on November 13 that it held the 13th K-ESG Alliance meeting, inviting Joo Byungki, Chairman of the Fair Trade Commission.

Employees of tenant companies are moving at the Korea Economic Association in Yeouido, Seoul. Photo by Jin-Hyung Kang aymsdream@

About 30 members of the K-ESG Alliance, including Kim Yoon, Chairman of Samyang Holdings and Chair of the Alliance, attended the meeting.

Chairman Joo delivered a special lecture on the topic of "Advice on Fair Trade and Corporate ESG Management." He stated, "In 21st-century capitalism, the tragedy of the commons has led to an unprecedentedly severe climate crisis, and a transformation of capitalism is urgently needed." He continued, "'Ethical consumption,' which was triggered by incidents such as child labor cases, has compelled companies to adopt ESG as an essential management strategy, and this signifies a shift toward a capitalism that respects diverse values."

He added, "Going forward, we must achieve a transition to sustainable capitalism through ethical consumption and inclusive global governance. The Fair Trade Commission will also strive to support this transition to sustainable capitalism."

Chairman Kim commented, "The issue of greenwashing, or deceptive environmental advertising, can sometimes be unfair from a company's perspective. The Fair Trade Commission's revision of guidelines for environmental labeling and advertising, which clarified the standards, has been greatly helpful as it increases predictability for companies." He also requested, "Please continue to provide institutional support so that companies are not misunderstood even when they act appropriately."

Chairman Kim also positively evaluated the Fair Trade Commission's efforts to specify cases where it does not consider it unfair practice when large corporations request data from their partners to comply with global supply chain ESG regulations. He stated, "Companies will strive to internalize ESG management with autonomy and responsibility," and added, "We hope the Fair Trade Commission will continue to be a strong supporter as companies pursue sustainable management."

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