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S. Korea vows enhanced communication with U.S. over online platform legislation

SEOUL, South Korea’s antitrust regulator vowed Tuesday to boost communication with the United States and other entities on its proposed regulations regarding major online platform operators, after a U.S. business lobby warned against rushing to pass …

SEOUL, South Korea's antitrust regulator vowed Tuesday to boost communication with the United States and other entities on its proposed regulations regarding major online platform operators, after a U.S. business lobby warned against rushing to pass the proposed legislation. The Korea Fair Trade Commission (FTC) is working to legislate an act designed to increase oversight of online platform businesses as part of efforts to ensure fair competition and safeguard customers' interests. Major domestic and foreign platform operators, including Naver, Kakao, Google and Apple, are expected to be subject to the rules should they be enacted. In response, the U.S. Chamber of Commerce expressed concerns Monday over South Korea's "apparent rush" to pass the legislation, calling for the full text to be made public and for "ample opportunities for engagement" with the U.S. government, American business communities and other stakeholders. "Once the details are finalized, we will work to more fully gather the opinions o f the parties concerned, not only in South Korea but in the U.S. and other nations as well, to push for the enactment in a fair and transparent manner," the FTC said in a release. The FTC held discussion sessions on the rules with the U.S. Chamber of Commerce and its members twice in January, and the regulator chief is scheduled to hold a lecture session at the invitation of the U.S. entity, it added. Consultations among ministries concerned are under way, and the government plans to announce the details of the regulation and collect public input before its enactment, according to officials. Source: Yonhap News Agency