Jung In-gyo, Head of Trade Headquarters, "Platform Act Must Minimize Occurrence of Trade Frictions"

First Meeting... "Key Partners Raise Concerns"

Jung In-kyo, Head of the Trade Negotiation Headquarters at the Ministry of Trade, Industry and Energy, stated on the 15th that the Fair Trade Commission's Platform Competition Promotion Act (Platform Act) should "minimize the occurrence of trade frictions."

At a luncheon meeting with the press corps held at a restaurant in Sejong City on the same day, Head Jung said, "Major partners are raising concerns both officially and unofficially."

Jung In-kyo, Director General for Trade Negotiations, Ministry of Trade, Industry and Energy. (File photo)

The Platform Act promoted by the Fair Trade Commission aims to designate platform companies with monopolistic positions as dominant operators in advance and strengthen monitoring by prohibiting four major unfair practices. The U.S. Chamber of Commerce expressed concerns in a statement, saying, "We are worried about South Korea rushing to pass platform regulations." Ultimately, the Fair Trade Commission has decided to thoroughly review alternatives to the pre-designation method, which was the core of the Platform Act, with academia and experts through its major work plan for 2024, and to prepare reasonable regulatory measures.

Regarding the U.S. presidential election situation, Head Jung was reserved but said, "We are continuously reviewing the direction of U.S. trade policy for the end of this year and next year, and we are mobilizing all available information networks." He mentioned that he plans to examine the situation in more detail during a business trip to Washington, D.C. around the end of next month.

He emphasized maintaining a smooth relationship with China. He said, "Of course, many issues may arise in the future, but China is also highly interested in maintaining not only the supply chain with our country but also existing economic relations." He added, "While we need to increase alignment with U.S. policies, we also intend to maintain a smooth relationship with China."

Head Jung, who was appointed as the Head of the Trade Negotiation Headquarters on the 10th of last month, is a scholar who has researched free trade agreements (FTA), international trade policy, and economic security policy for over 30 years since 1996, working as a researcher at the Korea Institute for International Economic Policy and as a professor in the Department of International Trade at Inha University.