South Korea Promises Equal Treatment for US Firms
(MENAFN) South Korea announced on Thursday that businesses from the United States will be afforded the same status as local enterprises under its upcoming rules for digital platforms, a news agency reported.
The declaration came from the nation’s competition regulator in response to a recent request from the US House of Representatives.
According to South Korea’s Fair Trade Commission (FTC), its formal reply has already been conveyed to the House Judiciary Committee.
"The current enforcement of the law, as well as future legislative discussions, will be conducted without discrimination between domestic and foreign companies, applying the same legal principles and standards to all," the FTC emphasized in an official message.
The commission noted that the suggested legislation is still undergoing assessment and will require additional dialogue in parliament before any decisions are finalized.
Last month, the House committee sent a letter to the FTC seeking clarity on the contents of the proposed law concerning digital platforms and how it might influence American firms.
Meanwhile, in recently finalized tariff discussions, Washington reportedly voiced concerns regarding several non-tariff strategies being pursued by Seoul.
These include the regulation of digital platforms and an existing restriction on American beef imports from cattle over 30 months old.
As part of a deal concluded last month, South Korea pledged a $350 billion investment in the United States.
In exchange, the US agreed to lower its reciprocal import tariff on South Korean goods from 25% to 15%.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
