Date: September 15, 2025
When a new leader steps into office, their very first gestures often carry symbolic weight far beyond the bureaucratic desk. Such is the case with Joo Byung-ki, Korea’s newly inaugurated chairman of the Fair Trade Commission (FTC).
On his agenda lie two demanding tasks: the long-discussed “Platform Law” and the chronic shortage of manpower inside the FTC itself. Both may sound procedural. Yet they point to the larger tension of our era: how to keep pace with giants that grow faster than the institutions designed to regulate them.
Korea’s platform economy has become a double-edged sword. From food delivery apps to e-commerce conglomerates, these companies have created convenience and opportunity. But critics argue they also wield disproportionate power over small merchants and consumers. The proposed Platform Law aims to correct this imbalance, setting clearer rules for dominance and fairness. Still, regulation is never a neutral act—it is always a negotiation between innovation and restraint.
Joo faces another practical reality: the FTC has long been stretched thin. With limited staff, monitoring sprawling digital markets can resemble chasing shadows. His pledge to expand resources is not just administrative—it is existential for an agency trying to safeguard fair competition in the digital age.
The challenge is steep. For Korea, however, this moment holds a deeper resonance: how can a society ensure fairness without stifling creativity? Perhaps Joo’s tenure will show that regulation, when wisely framed, is not a brake on growth but the compass that keeps its direction true.
#KoreaEconomy #FairTrade #PlatformLaw #DigitalMarkets #PolicyWatch #InnovationVsRegulation #GlobalTrends
