Fair Trade Commission Chief Joo Seeks Global Cooperation in Manila

Key facts

• Joo Byung-ki, Chairman of the Korea Fair Trade Commission, attended the 25th ICN Annual Conference in Manila.
• He held bilateral consultations with Australian and Italian competition authorities.
• Discussions with Australia focused on enhancing supplier bargaining power and collective bargaining rights.
• Australia shared insights on its 2021 "Class Exemption Scheme" for small businesses.
• Talks with Italy addressed stricter law enforcement, higher surcharge rates for repeat offenders, and reduced case processing times.
• Italy's AGCM praised Korea's efforts to strengthen sanctions as a deterrent.
• Chairman Joo stated Korea's Fair Trade Commission policy aligns with global standards.

Seoul Seeks International Alignment on Competition Policy

Chairman Joo Byung-ki of the Korea Fair Trade Commission (KFTC) has embarked on a diplomatic mission to Manila, Philippines, where he is attending the 25th International Competition Network (ICN) Annual Conference. The gathering serves as a crucial forum for global competition authorities to discuss enforcement trends and foster international cooperation. During his attendance, Chairman Joo engaged in a series of bilateral consultations with key international counterparts. These meetings underscore South Korea's commitment to harmonizing its competition law enforcement framework with global standards and to strengthening collaborative efforts in a rapidly evolving economic landscape. The core objective of these engagements is to share insights on current competition law enforcement trends and to confirm the international alignment of South Korea's own regulatory system. This proactive approach aims to enhance the KFTC's effectiveness and ensure its policies remain robust and globally competitive.

Bolstering Small Suppliers: Insights from Australia

On May 6, Chairman Joo convened with Gina Cass-Gottlieb, Chairwoman of the Australian Competition and Consumer Commission (ACCC). The central theme of their discussion was the institutional improvement needed to strengthen the bargaining power of smaller suppliers, a persistent challenge for many economies. The KFTC presented its initiatives aimed at enhancing collective bargaining rights for small business owners. In turn, the Australian delegation shared the operational outcomes of their "Class Exemption Scheme," implemented in 2021. This scheme offers small businesses below a certain size a three-year exemption from competition law upon notification to the authority, thereby facilitating more effective collective bargaining. Both sides recognized the value of ongoing policy exchanges on these critical initiatives. The agreement to continue sharing insights highlights a mutual interest in developing practical solutions that support smaller enterprises within their respective markets.

Enhancing Enforcement: Dialogue with Italy

The following day, May 7, Chairman Joo held bilateral discussions with Elizabetta Iosa, Acting Chairwoman of the Italian Competition Authority (AGCM), and other officials. The conversation focused on enhancing the stringency and effectiveness of competition law enforcement. Chairman Joo outlined South Korea's policy directions, which include raising surcharge rates for repeat offenders and implementing organizational reforms designed to expedite case processing times. These measures are intended to create a more robust deterrent against anti-competitive practices. The Italian delegation expressed strong appreciation for the KFTC's efforts to bolster the effectiveness of sanctions. They noted that such measures align with international standards and serve as a significant deterrent, reflecting a shared understanding of the importance of stringent enforcement.

Global Standards and Future Cooperation

Reflecting on the outcomes of his consultations, Chairman Joo Byung-ki expressed confidence in the direction of the KFTC's policies. "Through these consultations, we have confirmed that the policy direction of our Fair Trade Commission aligns with global standards," he stated. He further emphasized the commitment to continuous improvement. "We will continue to improve the effectiveness of our system through close cooperation with major countries abroad," Chairman Joo added, signaling a dedication to sustained international engagement. The meetings in Manila represent a concrete step in South Korea's efforts to integrate its competition policy framework within the broader international landscape. By fostering dialogue and sharing best practices, the KFTC aims to bolster its regulatory efficacy and contribute to a more competitive global marketplace.

The bottom line

• South Korea's Fair Trade Commission is actively pursuing international cooperation on competition policy.
• Discussions with Australia focused on empowering small suppliers through collective bargaining mechanisms.
• Italy acknowledged South Korea's efforts to strengthen sanctions and expedite enforcement processes.
• Chairman Joo Byung-ki affirmed that the KFTC's policy direction is in line with global standards.
• The meetings occurred during the 25th International Competition Network (ICN) Annual Conference in Manila.
• Future cooperation will involve continued policy insights exchange with major international partners.