Seoul:The head of South Korea's antitrust watchdog announced plans to take firm action against unfair market practices that contribute to financial burdens on consumers, such as price fixing.
According to Yonhap News Agency, Ju Biung-ghi, head of the Fair Trade Commission (FTC), made these remarks during a parliamentary audit at the National Assembly. He emphasized the need to revamp policies to eliminate market abuses, proposing measures like revoking business registrations for repeat offenders, imposing business suspensions, or ordering price resets.
The FTC aims to address unfair practices in sectors impacting daily life, including the wedding, leisure, and funeral industries. Ju also highlighted the importance of empowering vulnerable groups, such as small businesses and the self-employed, to ensure fair competition and compensation.
Ju stressed the need for U.S.-listed e-commerce giant Coupang to align its social responsibilities with its growth, cautioning against the pursuit of unfair profits despite its recent sales increase.
Responding to concerns about the adequacy of current fines for price fixing, Ju stated that while South Korea imposed $1.3 billion in fines through September this year, collusion persists due to the profitability of such practices. The FTC will monitor abuses of power by platform operators and thoroughly review mergers to maintain fair competition.
Regarding conglomerates, Ju mentioned efforts to reduce economic dependence on major business groups and to monitor and address any unfair practices. The FTC aims to ensure that businesses can concentrate on operations and innovation without the burden of market abuses.