[Financial News] On the 6th, Joo Byung-ki, the Chairman of the Korea Fair Trade Commission (KFTC), held a meeting with foreign chambers of commerce in Korea from major countries, emphasizing the need to understand the differences in competition policies and law enforcement environments across countries and to continue efforts to bridge these gaps.
Chairman Joo met with representatives from foreign chambers of commerce in Korea, including those from the United States, Europe, the United Kingdom, Germany, France, Spain, and Australia, at the Four Seasons Hotel in Seoul on the same day.
Chairman Joo stated, “The KFTC is continuing policy dialogue in close cooperation with global competition authorities, but the systems and law enforcement environments of each country are still different, and it is not always easy to fully understand each other’s approaches. Continuous dialogue is the most certain way to reduce unnecessary misunderstandings and to enhance the effectiveness and reliability of policies.”
Attendees, including heads of the chambers of commerce, inquired about the KFTC’s position on platform policies, the improvement of regulations restricting competition, and the policy direction in response to the development of new technologies such as artificial intelligence (AI). They also requested enhanced policy communication with multinational corporations.
James Kim, Chairman of the American Chamber of Commerce in Korea, remarked, “We hope to continue the positive momentum from the Asia-Pacific Economic Cooperation (APEC) to enhance innovation, transparency, and public-private cooperation, working closely with the Korean government, particularly the KFTC.”
The KFTC expanded the scope of this meeting with chambers of commerce beyond the United States and Europe to other countries this time.
The KFTC stated, “In response to the increased dependence of domestic businesses and consumers on multinational corporations, we plan to maintain close communication with foreign chambers of commerce in Korea to improve the effectiveness and reliability of competition and consumer policies.”