Confirmation Hearing for Han Ki-jung, Nominee for Chairman of the Fair Trade Commission
Han Ki-jung, nominee for Chairman of the Fair Trade Commission, is attending the confirmation hearing held at the National Assembly on the 2nd, responding to questions from lawmakers. Photo by Yoon Dong-joo doso7@
[Asia Economy Sejong=Reporter Lee Jun-hyung] Han Ki-jung, the nominee for Chairman of the Korea Fair Trade Commission, stated, "We will block actions by monopolistic businesses such as big tech companies that hinder market entry and business activities of competing companies."
At the morning confirmation hearing before the National Assembly's Political Affairs Committee, Han said, "We will promote market competition through strict law enforcement and advocacy for competition." He added, "We will respond strictly to collusion occurring in consumer goods used daily by the public and intermediate goods utilized in corporate production activities," and "Along with correcting unfair market practices, we will also remove structural barriers that block competition."
He also emphasized the need for regulatory improvement. Han said, "For our economy to take a leap forward, private sector creativity and innovation are needed more than ever," adding, "It has become even more important to establish fair trade as common sense in our economy to ensure market efficiency and dynamism." He continued, "We will improve regulations that block free market entry, restrict creative business activities, and make the emergence of new services difficult to strengthen innovation competition in the market."
Han expressed his intention to revise the large business group system. He said, "We will rationalize the system by reflecting economic and social changes so far, including reducing and adjusting the scope of related parties, expanding the grace period for small and medium venture companies to join large business groups, and supplementing and reorganizing disclosure systems." He added, "We will strictly sanction unfair internal transactions that grant undue benefits to the controlling family and those aimed at support unrelated to efficiency."
Candidate Han Ki-jung for the Fair Trade Commission Chairman attended the confirmation hearing held at the National Assembly on the 2nd and received a report from a Fair Trade Commission official before the hearing began. Photo by Yoon Dong-joo doso7@
He mentioned the delivery price linkage system. Han said, "We will create a transaction environment where small and medium enterprises, which have faced difficult management conditions due to the sharp rise in raw material prices, can receive fair prices in a timely manner through smooth adjustment of delivery prices," and "We will thoroughly block technology misappropriation acts that undermine the competitiveness of small and medium enterprises." He added, "We will also strictly respond to unfair practices abusing superior positions between franchisors and franchisees, large retailers and suppliers, and headquarters and agencies."
Additionally, Han stated that he will inspect deceptive consumer practices on online platforms. He said, "We will focus on inspecting deceptive consumer practices in the digital platform sector," and "We will block acts that secretly receive compensation or mislead consumers through false advertising." He added, "We will correct unfair terms and conditions, exaggerated and deceptive advertisements to prevent consumers from suffering damages in areas closely related to daily life and leisure."
Han emphasized that trust between the government and the market is a prerequisite to realize these plans. He said, "For government efforts to establish a fair market economy to bear fruit, there must be strong trust between the government and the market." He continued, "Trust can be built through persuasive system design and rational enforcement," adding, "To this end, we will innovate law enforcement methods to increase predictability and transparency in investigations and case handling, and promote swift and effective damage relief."
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