Andrey Tsyganov had a working meeting with a Commissioner of Korea antimonopoly authority

03-10-2017 | 18:57

The parties discussed the latest trends in antimonopoly regulation and exchanged experiences of their agencies

A commissioner of the Fair Trade Commission of the Republic of Korea, Mr.  Chae Kyu-ha, pointed out at the changes on the domestic and external markets during the forth industrial revolution, and emphasized the growing role of antimonopoly regulation  under increased cartelization and abusing dominance by large companies, seeking “easy money”.

He stated: "Our second task, apart from antimonopoly control, is to stimulate market development and innovations”.

Mr.  Chae Kyu-ha said that of the Fair Trade Commission of the Republic of Korea monitors regularly operations of large companies to expose the risks of violating the antimonopoly law in advance.

Deputy Head of FAS Andrey Tsyganov underlined that Russian antimonopoly body watches carefully the work of their foreign colleagues and expressed confidence that the Korean regulator is rightly one of the best competition authorities in the world.

The parties stressed that the two agencies have had more than 20years of effective cooperation. "There are all reasons for this: we are neighbours and countries with similar economic issues", added Deputy Head of FAS.

He emphasized that Korean authority controls many laws and combines this activity with protecting consumer rights. Here is a similarity with FAS that also is a multifunctional body, controlling, in particular, procurement, tariffs, advertisement, violations in retail, foreign investments, etc.

"It is important that the antimonopoly body can use different methods of influencing market changes", concluded Deputy Head of FAS.

He said: "Russian antimonopoly law answers the needs of the modern economy.  The main meaning of the changes – to ease the life of companies and eliminate excessive administrative barriers", and reminded that 10 years ago the antimonopoly body considered 44000 transactions annually, now the figure does not exceed 1300 transactions per year.

"We think this is a great achievement of FAS and the legislators that cut down on the administrative burden”, stated Andrey Tsyganov. “FAS is becoming the body of preventative control, the number of cases has already reduced threefold and companies execute more than 80% warnings. It brings colossal saving of our resources and reduces the risk of punishment for business".

The parties signed the Protocol of the 17th joint bilateral meeting between FAS and of the Fair Trade Commission of the Republic of Korea and expressed readiness to exchange experiences and hope for further productive cooperation.

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