FTC vows to curb market power abuses by global tech giants

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The Chairman of South Korea’s Fair Trade Commission, Han Ki-jeong, has pledged to protect Korean consumers from any negative impacts of the European Union’s Digital Market Act (DMA), which aims to stop the world’s largest tech companies from abusing their power and to foster more competition. Han warned that if multinational technology firms that operate fairly within the EU do not do the same in South Korea, then the action could be damaging to the South Korean economy. The Chairman said that the FTC would try to find ways to protect consumers, including through international co-operation. Han was speaking at an event organised by the American Chamber of Commerce in Korea. During the meeting, a Google Korea representative expressed concerns about Han’s remarks but was told that the FTC would not enforce rules on big tech firms, although various measures to prevent market power abuses were under consideration. Among other topics, Han discussed the FTC’s four main priorities for this year: helping to create a more innovative competition environment, promoting fair trade for SMEs and small businesses, better regulation for large business groups, and a trade environment that guarantees consumer rights and interests.

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