(LEAD) FTC head vows stern action against unfair practices burdening people
SEOUL, Oct. 12 (Yonhap) -- The head of South Korea's antitrust watchdog said Mon...
South Korea's antitrust regulator vowed strong measures against unfair market practices that burden individuals, head Ju Biung-ghi declared during a parliamentary audit. The Fair Trade Commission aims to eliminate price fixing and other abuses, revoking registrations for repeat offenders and suspending or resetting prices where necessary.
The agency will focus on sectors like weddings, leisure, and funerals, aiming to empower vulnerable groups such as small businesses and the self-employed. FTC chairperson Ju stressed that while e-commerce giant Coupang has benefited consumers, it must not seek unfair profits. The current fines for price fixing in South Korea are not enough to deter such behavior; the regulator plans to closely monitor platform operators and mergers to ensure fair competition.
Ju also pledged to reduce the country's economic reliance on dominant business groups and crack down on abuses by powerful market players.
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