FTC chairwoman attends antitrust meeting in Washington
Published: 07 Apr. 2022, 18:39
Updated: 07 Apr. 2022, 19:30
![Korean Fair Trade Commissoin Chairwoman Joh Sung-wook during an event held in Seoul in March. [YONHAP]](https://koreajoongangdaily.joins.com/data/photo/2022/04/07/eda69475-f43d-4e70-a72f-404ee28e3521.jpg)
Korean Fair Trade Commissoin Chairwoman Joh Sung-wook during an event held in Seoul in March. [YONHAP]
The Enforcers Summit was held on April 4 and hosted by the U.S. Federal Trade Commission and the Department of Justice.
It was attended by antitrust bureaucrats from approximately 30 jurisdictions, including U.S. Federal Trade Commission Chair Lina Khan.
Department of Justice Assistant Attorney General for the Antitrust Division Jonathan Kanter and European Commission Director-General on Competition Olivier Guersent also attended.
The growing power of technology companies was one of the topics discussed.
Google, Amazon, Naver and Kakao have been accused at times of violating certain antitrust principles.
During the meeting, Joh remarked that it can be difficult to identify the boundaries of competition, especially in digital markets, and stressed the need to develop a proper system for evaluating anti-competitive practices.
The administration of Joe Biden announced plans to reevaluate U.S. merger guidelines in an effort to modernize the implementation of antitrust laws. Opinions and comments were collected through March 21.
When evaluating the antitrust implications of mergers and acquisitions, the United States looks at whether the transaction will create barriers to entry. This systems runs into limits when IT companies make deals in unrelated industries.
The changes in the standard of merger approvals by U.S. antitrust authorities are expected to have an impact on Korea's as well. This is particularly true considering that transactions in recent years have become globalized, while the antitrust agencies have harmonized their approaches.
In Korea, current laws did not prevent Kakao from buying DelCar, a rental car business, last July.
Since 2016, Kakao has acquired about 100 businesses, and the FTC has not prevented a single transaction. Kakao is now in almost every business, from mobility services to golf.
Korea's FTC has recognized the need to limit such expansion.
"We're watching what the United States will come up with," said an FTC official. "While there could be some differences, the evaluation standard in the U.S. will likely to be reflected in other countries including Korea."
BY JEONG JIN-HO, LEE HO-JEONG [[email protected]]
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)