[EDITORIALS]Timely words from KwonAfter remaining silent since being appointed as chairman, Fair Trade Commission chief Kwon Oh-seung has finally spoken out, saying that Korea’s fair trade regulations must be improved to meet global standards and that changes in policies regarding conglomerates are necessary. The comments were made at an event commemorating the commission’s 25th anniversary. Mr. Kwon added that all economic activities must take place according to market principles, without government intervention or regulations limiting fair competition among market participants. He stressed that the government must only step in when market failure has occurred.
In light of the global standards that Mr. Kwon mentioned, we believe that the government should immediately abolish unnecessary regulations like those on conglomerates’ shareholdings, which are not found in any other country. Furthermore, we hope that the antitrust agency will take its hands off regulating conglomerates and focus on its original role of promoting competition and protecting consumers’ rights. It is abnormal and counter to global standards for a government body in charge of overseeing fair competition policies to decide the appropriateness of ownership structures and new investments of companies.
His comments that all economic activities must take place according to market principles and without government intervention also draw attention. Abiding by market principles is a global standard and the general trend these days. It’s just that the government has been going against the tide.
We hope the new chairman will continue to act according to his beliefs and straighten out the commission’s role, while bringing change to policies on conglomerates.