Fair Trade Commission Nominee: "Opening a Path for the Vulnerable to Become Strong Is Key to Economic Leap"

Joo Byunggi, the nominee for Chairman of the Korea Fair Trade Commission, is responding to reporters' questions as he arrives at the hearing preparation office at the Seoul Chamber of Commerce and Industry on the 14th. (Photo by Korea Fair Trade Commission)

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Joo Byunggi, the nominee for Chairman of the Korea Fair Trade Commission, stated on the 14th that he would ensure the Fair Trade Commission becomes the optimal organization for establishing a fair market order, realizing consumer sovereignty, and eradicating unfair practices-key national policy pledges made by President Lee Jaemyung.

Speaking to reporters on his way to the hearing preparation office at the Seoul Chamber of Commerce and Industry, Joo commented on the role of the Fair Trade Commission under the Lee Jaemyung administration, saying, "For Korea to achieve another economic leap forward, we must open a path for economically vulnerable groups, such as small business owners, to eventually become economic leaders."

He further emphasized, "If economic powerhouses abuse their position and block the innovative achievements of the vulnerable, who would be motivated to innovate or demonstrate entrepreneurial spirit? For this reason, ensuring fairness in transactions between companies is a critically important and ongoing task."

He added, "In the Korean economy, not only is there abuse of power by the strong, but also widespread cronyism based on blood ties, regional connections, and school ties. Unless we address these forms of favoritism, the economy cannot become innovative, nor can we establish a sound or innovative market order," he stressed.

Regarding concerns from the U.S. government about the legislation of the Online Platform Act, he said, "It is difficult to push forward the Online Platform Act independently," and added, "We will prepare the best possible measures after the Korea-U.S. trade negotiations are concluded, depending on the outcome."

On how to regulate platforms and big tech companies during the legislative vacuum, he commented, "Not all problems can be solved solely through legislation," and continued, "Within the current legal framework, the Fair Trade Commission will make the utmost use of its existing administrative authority to curb abuses by platform operators and to create a market order that strengthens the bargaining power of the vulnerable."

When asked about his stance as a nominee regarding President Lee's mention of increasing the Fair Trade Commission's workforce, Joo responded, "To fully carry out the Fair Trade Commission's role, we need to significantly strengthen the organization's capabilities compared to now." He added, "We will establish a system that maximizes organizational transparency and rationality in decision-making, and further enhance our capacity for economic analysis, as well as our ability to produce and analyze data."

Upon his nomination, Joo expressed his commitment, stating, "I will do my utmost to lay the foundation for a healthy and mutually beneficial market order that enables the Korean economy to take another leap forward."

Joo is a professor of economics at Seoul National University and an authority in the fields of income inequality reduction and the fair economy system. Born in Jeongeup, North Jeolla Province, he graduated from Moonil High School and Seoul National University’s Department of Economics, and received his Ph.D. in economics from the University of Rochester in the United States. In 2011, he established the Center for Distributive Justice at Seoul National University, emphasizing distributive justice through research on income distribution and fairness. He also participated in President Lee Jaemyung’s campaign during the last presidential election, as he did in 2022.

Joo is preparing for the National Assembly confirmation hearing at the Seoul Chamber of Commerce and Industry office, which also houses the Korea Fair Trade Mediation Agency, an affiliate of the Fair Trade Commission. The hearing is expected to take place as early as the end of this month. According to the Confirmation Hearing Act, the National Assembly must complete its review or hearing within 20 days of the submission of the nominee’s appointment agreement.

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