Joo Byeong-ki, the nominee for chair of the Fair Trade Commission, expressed his ambition to strengthen the role of the Fair Trade Commission in protecting small and medium enterprises and small business owners, while strictly monitoring the profit-taking and unfair practices of large corporations.
During his opening remarks at the confirmation hearing held on the 5th in the National Policy Committee, Joo noted, "I will create a cooperative ecosystem where innovative small and venture businesses can grow, and small business owners can enjoy economic freedom," adding, "I will eradicate unfair practices that undermine the foundation for growth, such as technology theft, and increase the bargaining power of the economically vulnerable."
He also mentioned, "I will thoroughly monitor incorrect incentives, such as profit-taking and unfair support within corporate groups, so that major and mid-sized enterprises, which are the backbone of the Korean economy, can focus on innovation," stating, "I will establish a regulatory framework for the online platform market to protect market entrants and restore the transaction order."
Regarding consumer policy, Joo emphasized, "I will ensure that damages caused by unfair transactions are remedied swiftly and effectively," and he stated, "I will prevent violations of consumer rights and guarantee the exercise of rights to establish consumer sovereignty."
Joo, an economist by background, revealed his policy philosophy. He referred to Adam Smith's "natural freedom" and explained, "It is the mission of the Fair Trade Commission to ensure that the economically strong and weak, the rich and the poor can equally enjoy the freedom to improve their lives." He added, "Enhancing the capacity of the Fair Trade Commission is essentially strengthening the power of each individual citizen," expressing his commitment to organizational and staffing enhancements.
He also expressed his stance regarding the operation of the Fair Trade Commission's personnel and functional reorganization. Joo mentioned, "I will enhance our capacity for economic analysis and data to improve the speed and efficiency of case handling," and he indicated, "If necessary, I will review all relevant conditions and adjust the direction of organizational operations."
He showed a positive attitude towards granting collective bargaining rights to strengthen the bargaining power of franchise and agency owners. Joo stated, "I fully agree on the necessity of collective bargaining rights," adding, "Supplementing the bargaining power to confront franchisors and main contractors will lay the foundation for establishing fair trading order."
Joo remarked, "I will foster innovative corporations and strictly punish groups that abuse economic power to create a market where creative innovation and healthy entrepreneurial spirit thrive," adding, "I will do my utmost to ensure that the Fair Trade Commission becomes an organization that communicates with the people and the National Assembly."