Seoul: The head of South Korea's antitrust watchdog has highlighted the difficulties in introducing new legislation to better regulate global online platforms, amid shifting trade dynamics stemming from the United States' trade policy. Last month, South Korea and the U.S. reached an agreement on the details of South Korea's planned US$350 billion investment package tied to a broader trade deal. During the negotiations, Washington reportedly raised concerns over several non-tariff measures adopted by Seoul, including its regulatory approach toward online platforms.

According to Yonhap News Agency, Ju Biung-ghi, chairman of the Fair Trade Commission (FTC), emphasized the importance of establishing fair and transparent business practices in the platform sector, which is deeply embedded in people's daily lives. However, Ju noted that "it would be difficult" to introduce related legislation for the time being as "trade issues are still involved," indicating challenges tied to Seoul's trade relations with Washington. Despite these difficulties, Ju mentioned that there are alternative methods to regulate platforms under the current legal framework.

President Lee Jae Myung has committed to curbing the abuses of market dominance by global online platform operators through new regulations, which include limiting commission fees and banning unfair practices. Ju also stressed the need to ensure that small and venture businesses, small merchants, and consumers have full rights to benefit from the opportunities that innovation provides.

Regarding Baedal Minjok, or Baemin, one of South Korea's largest food delivery platforms, Ju stated that the FTC is reviewing whether the company has violated fair trade laws and is determining the appropriate level of sanctions. Baemin is accused of pressuring restaurants to use the "Baemin Delivery" service even when they preferred to use their own couriers or those of other companies. The watchdog is expected to issue a final decision, which could include corrective orders or fines for Woowa Brothers Corp., Baemin's operator, after receiving the company's formal opinion.

Ju concluded by stating that the FTC will revise its policy direction and strengthen its organization and capabilities to address imbalances among market participants and foster a fair and competitive market environment.