Seoul, Nov. 23 (LatestNewsX) – The chairman of South Korea’s Fair Trade Commission (FTC) said it is hard to pass new laws that would tighten rules on worldwide digital platforms, given the changing trade environment caused by U.S. policy shifts. Yonhap reported that just a month earlier, Seoul and Washington settled the particulars of the nation’s $350 billion investment plan, which is connected to a broader trade accord. Washington, according to sources, voiced worries about Seoul’s non‑tariff actions, among them how it regulates digital marketplaces. “It remains essential to establish fair and transparent business practices in the platform sector that is deeply embedded in people’s daily lives,” Ju Biung‑ghi, chairman of the Fair Trade Commission (FTC), told reporters. But Ju stated it would be difficult at present to pass new laws, as trade matters continue to be an issue, hinting at frictions in Seoul’s ties with Washington. “However, there are still ways to regulate platforms under the existing legal system,” he added. President Lee Jae Myung vowed to tackle monopolistic conduct by foreign digital giants, promising rules that cap commission rates and outlaw shady practices. Ju also highlighted the need to protect startups, independent retailers and shoppers, ensuring they gain from technological progress. About Baedal Minjok—known as Baemin—one of Korea’s biggest food‑delivery services, he disclosed that the FTC is assessing whether the firm breached antitrust rules and what penalties it should face. The platform is alleged to have coerced eateries into using its delivery service, even when they preferred using in‑house messengers or competitors’ options. The regulator anticipates issuing a concluding ruling that may impose corrective measures or fines on Woowa Brothers Corp., Baemin’s operator, once the firm submits its formal response. “The FTC will revise its policy direction and strengthen its organisation and capabilities to correct imbalances among market participants and create a fair and competitive market environment,” Ju said. —LatestNewsX
Stay informed on all the latest news, real-time breaking news updates, and follow all the important headlines in world News on Latest NewsX. Follow us on social media Facebook, Twitter(X), Gettr and subscribe our Youtube Channel.
