Seoul:The head of South Korea's Fair Trade Commission (FTC) has announced a commitment to taking strong measures against unfair market practices that increase financial burdens on consumers. This includes targeting activities like price fixing.
According to Yonhap News Agency, Ju Biung-ghi, the FTC head, emphasized this stance during a parliamentary audit at the National Assembly. He stated that the agency would work on policy reforms to eliminate such market abuses.
Ju outlined plans to address price fixing by developing more effective policies. These measures could involve revoking business registrations, imposing suspensions, or mandating price adjustments for companies engaged in such practices.
The FTC will focus on unfair practices in industries integral to daily life, such as the wedding, leisure, and funeral sectors. Ju also highlighted the agency's goal of empowering vulnerable groups like small businesses and the self-employed to ensure a fair competitive environment and equitable compensation.
Furthermore, the commission will keep a close watch on potential abuses by platform operators, including those in online marketplaces and delivery and accommodation apps. This will involve thorough reviews of their mergers to maintain fair competition.
Ju also addressed the issue of conglomerates, indicating that the FTC aims to lessen South Korea's economic reliance on major business groups while actively monitoring any unfair practices. The commission is committed to taking decisive action against powerful market players to allow businesses to concentrate on operations and innovation.