The Fair Trade Commission stated that it would apply the same legal standards to all platform operators, including foreign corporations, regarding the enactment of the Online Platform Act.
On the 7th, the Fair Trade Commission officially conveyed this in a reply to the U.S. House of Representatives Legislation and Judiciary Committee. This response was made in reaction to a request from the U.S. side on the 24th of last month (local time) for an explanation of the impact of platform regulations on domestic corporations.
The Fair Trade Commission explained in the reply, "We plan to respond to both the enforcement of current law and the future legislative process with the same legal principles and standards without discrimination between domestic and foreign corporations."
Additionally, it added, "The bill is currently under discussion in the National Assembly, and we will broadly gather opinions from stakeholders and strengthen cooperation between Korea and the U.S."
The U.S. House of Representatives is reportedly concerned that Korea's platform law is modeled on the European Union's Digital Markets Act (DMA) and could unjustly target American corporations like Google, Apple, and Meta.
The Fair Trade Commission stated that it consulted with relevant ministries, including the Ministry of Foreign Affairs, during the drafting process of the reply and also referenced overseas legislative examples.
Meanwhile, the government and the Democratic Party of Korea are reviewing a plan to promote the Online Platform Act by splitting it into the 'Monopoly Regulation Act' for market dominance regulation and the 'Fairness Act' for protecting small businesses. It is reported that the U.S. has reacted sensitively to the Monopoly Regulation Act, which will be postponed, while adjusting the strategy to introduce the Fairness Act first.
Also, the timing for the bill's proposal and discussions in the National Assembly has been set to be postponed until after the Korea-U.S. summit scheduled for later this month.