Seoul: The head of South Korea's antitrust watchdog vowed efforts Thursday to narrow any differences between the country's proposed regulations on online platforms and those of others, also stressing the need for close communication with foreign companies operating here to prevent "unnecessary misunderstandings."

According to Yonhap News Agency, the remarks by Ju Biung-ghi, chairman of the Fair Trade Commission (FTC), come as Seoul is pushing to regulate global online platforms operating in the country. Ju emphasized that consistent dialogue is key to reducing misunderstandings and enhancing policy effectiveness and credibility. He stressed the importance of understanding the differences in legal systems and business environments across countries to bridge any regulatory gaps.

One of the FTC's pressing concerns is advancing legislation aimed at curbing monopolistic practices by major global platform operators. President Lee Jae Myung had pledged during his campaign to prevent these operators from abusing market dominance, proposing measures such as limits on commission fees and bans on unfair business practices.

Ju acknowledged potential challenges in immediately advancing these regulations, citing ongoing tariff-related talks with Washington. The United States had reportedly raised concerns over several non-tariff measures adopted by Seoul, including its regulatory approach toward online platforms, during their recent tariff negotiations.

Thursday's meeting, which included the heads of the American Chamber of Commerce in Korea, the European Chamber of Commerce in Korea, and other major foreign business lobby groups, was the first of its kind since Ju took office in August. Participants discussed the FTC's stance on platform regulations and other pending issues, although no further details were provided by the commission.