Chairperson Ju Biung-ghi of the Fair Trade Commission was elected vice chair of the Bureau of the Competition Committee at the Organisation for Economic Co-operation and Development (OECD). This is the second time a Korea Fair Trade Commission chairperson has been elected vice chair of the body, following former Chairperson Han Ki-jeong.
On Feb. 5, the Fair Trade Commission said it found that outcome at the regular meeting of the OECD Competition Committee held Feb. 1-5. The OECD Competition Committee Bureau is a core body composed of the heads of competition authorities from major countries such as France, the United States, and Japan, and it leads the operation of committee meetings and the setting of key agendas. The chair is Benoît Coeuré, head of the French Competition Authority.
Chairperson Ju introduced cases of competition law enforcement aimed at reconciling financial soundness with the promotion of competition in relation to one of the regular meeting's themes, "Balancing prudential regulation and competition in the banking institutional sector." In addition, Ju explained that, through a memorandum of understanding (MOU) concluded with financial authorities, the commission eased the burden of overlapping regulations and continuously strengthened cooperation.
Also, at the special session of the 10th High-level Asia-Pacific Competition Authorities Meeting, Chairperson Ju emphasized the role of competition policy for productivity, innovation, and resilience. Ju noted that a fair competitive environment is a key foundation that increases market resilience in times of crisis.
Korea Fair Trade Commission (FTC) said, "We will actively reflect the legal and policy trends of overseas competition authorities identified through attendance at this meeting in future institutional improvements and law enforcement."