Competition authorities from 14 countries, including South Korea, the Philippines, and Vietnam, gathered to discuss strategies for addressing high inflation and the latest trends in competition laws and policies.
The Korea Fair Trade Commission (KFTC) announced on November 10 that it hosted the 'Korea-ASEAN-CIS Competition Authorities Meeting' at the Westin Chosun Hotel in Seoul. This year, a total of 14 countries participated, including seven ASEAN nations, Azerbaijan, Armenia, Mongolia, China, Pakistan, and Papua New Guinea, marking the largest attendance since the meeting began in 2023.
During the first session, competition authorities from Thailand, Mongolia, Malaysia, Armenia, and Indonesia presented recent updates on competition and consumer law reforms, as well as enforcement cases involving platform companies. The Organisation for Economic Co-operation and Development (OECD) also shared recent trends in competition law.
The second session featured presentations from competition authorities of South Korea, the Philippines, Vietnam, and Azerbaijan, along with former Australian Competition and Consumer Commission Chairman Allan Fels, focusing on the role of competition authorities in an era of high inflation. Moon Jae-ho, a KFTC investigation manager representing South Korea, discussed investigations and responses to collusion in sectors closely related to people's livelihoods, as well as institutional improvements to deter repeat collusion. He emphasized the importance of cooperation among competition authorities in the digital market.
The KFTC plans to continue holding high-level meetings to foster exchanges with competition authorities from various countries.
In his opening remarks, Moon stated, "In today's global market economy, where economic activities transcend borders, cooperation among competition authorities is more important than ever. I hope that sharing each country's law enforcement experiences and the latest trends will be beneficial for all, especially as we face similar challenges."
* This article has been translated by AI.
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