South Korea's FTC chief pledges tough crackdown on price fixing and unfair market practices
Ju Biung-ghi, head of the Fair Trade Commission, said the agency will intensify actions against price fixing and other unfair practices that raise consumer costs.
During a National Assembly audit, Ju Biung-ghi, the Fair Trade Commission chair, announced a series of stricter measures to combat entrenched price-fixing and other unfair market conduct that burden households. Proposed actions include cancelling the licences of firms repeatedly caught fixing prices, imposing business suspensions and mandating price adjustments. The FTC will focus on industries closely tied to daily life, notably wedding, leisure and funeral services, while giving a stronger voice to small enterprises and self-employed workers.
Oversight will extend to digital platforms such as online marketplaces, delivery and accommodation apps, with a thorough review of their merger proposals. Ju also said the agency aims to lessen reliance on large conglomerates by actively policing any abusive behavior, allowing companies to concentrate on innovation.
Why it matters
The crackdown could lower consumer prices and improve competition for South Korean households and small businesses.
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