- Signing of an MOU to Support Fair Trade for Overseas-Expanding Domestic Companies -
On November 4 (Monday), the Korea Fair Trade Commission (Chairman Han Ki-jeong, hereinafter referred to as the "KFTC") and the Korea Trade-Investment Promotion Agency (CEO Yu Jeong-yeol, hereinafter "KOTRA") signed a memorandum of understanding (MOU) to support fair trade for domestic companies expanding abroad.
Through this agreement, the two organizations will actively cooperate in areas such as ▲distributing and promoting overseas competition policy and law enforcement trend materials published by the KFTC, ▲providing a channel for addressing difficulties related to competition law enforcement by foreign competition authorities, and ▲offering overseas competition law and policy education for domestic companies operating abroad.
As a result, the trend information on overseas competition policy and law enforcement written by the KFTC will now be accessible not only on the KFTC website but also in the trade and regulatory information section of KOTRA's "Global Economic Information Dream" (dream.kotra.or.kr). This is expected to make it easier for domestic companies to access more accurate and specialized information on overseas competition policy and law enforcement.
Additionally, KOTRA’s online consultation channel will be linked with the KFTC's public grievance portal. This means that domestic companies experiencing challenges related to foreign competition law enforcement will be able to promptly request consultations with the KFTC through KOTRA.
Moreover, the KFTC and KOTRA plan to work closely together to hold local overseas competition law and policy briefings as part of this MOU. Specifically, the KFTC will conduct online and offline training for overseas-expanding domestic companies, with KOTRA supporting by conducting needs assessments, providing venues, and promoting the events. This training is expected to expand opportunities for domestic companies to enhance their understanding and capabilities in foreign competition policies and laws.
KFTC Chairman Han Ki-jeong stated, “As competition law enforcement intensifies around the world, it is essential to ensure that our companies abroad are not harmed due to a lack of timely information on rapidly changing competition policies and enforcement trends overseas. We hope this MOU with KOTRA will enhance our companies’ understanding of foreign competition policies and laws, and aid in risk management and competitiveness in the global market.”
Yu Jeong-yeol, CEO of KOTRA, also noted, “Given the necessity and timeliness of the KFTC's support in cases where foreign competition authority approval is required for our companies' mergers and acquisitions abroad, this MOU is highly relevant. KOTRA is committed to working with the KFTC to address challenges our companies face related to foreign competition policies.