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South Korea and US Discuss Antitrust Cooperation

 |  February 28, 2024

In a bid to bolster fair competition in the global economic landscape, South Korean and United States antitrust regulators engaged in discussions aimed at enhancing bilateral cooperation. The meeting, held in Seoul on Tuesday, marked a pivotal moment in fostering collaborative efforts between the two nations.

The dialogue, spearheaded by Cho Hong-sun, Vice Chairperson of the Fair Trade Commission (KFTC) of South Korea, and Manish Kumar, Deputy Assistant Attorney General for Criminal Enforcement at the U.S. Department of Justice’s Antitrust Division, delved into strategies to fortify antitrust principles and combat illicit practices that undermine market fairness.

According to statements released by the KFTC, both sides exchanged insights on policy objectives for the current year, drawing from their respective experiences in addressing various antitrust issues, including price fixing and fraud, with a particular focus on challenges posed by the digital economy.

Emphasizing the significance of strengthening bilateral ties, the regulators explored avenues to more effectively counter illegal activities detrimental to fair competition. This included deliberations on mechanisms to streamline cooperation and information sharing between the two jurisdictions.

“The two sides have maintained close exchanges after signing a memorandum of understanding on antitrust cooperation in 2015,” the KFTC highlighted in its release. “South Korea will continue to boost international policy cooperation with foreign antitrust authorities in an effort to better ensure the people’s economic freedom and opportunities.”

The meeting signifies a concerted effort by South Korea and the United States to foster a robust regulatory framework that safeguards economic integrity and fosters a level playing field for businesses, both domestically and internationally.

As economies become increasingly interconnected, collaboration between antitrust regulators assumes paramount importance in addressing emerging challenges posed by evolving market dynamics, particularly in the digital realm.

Moving forward, the commitment to enhanced cooperation between South Korea and the United States sets a promising precedent for global antitrust enforcement efforts, underlining a shared commitment to upholding the principles of fair competition and economic justice.

Source: EN YNA CO