South Korea to treat US firms same as domestic under law

South Korea said Thursday that US companies will be treated the same as domestic firms under proposed regulations for online platforms, Yonhap News Agency reported.

The announcement was made by the country's antitrust watchdog in response to a recent inquiry from the US House of Representatives

South Korea's Fair Trade Commission (FTC) said its formal response has been delivered to the US 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," a statement from the FTC said.

It said the proposed bill is still under review and requires further parliamentary discussions.

The House committee, in a letter to the FTC last month, requested a briefing on the details of the proposed legislation on online platforms and its potential impact on US companies.

During recently concluded tariff negotiations, Washington reportedly raised concerns over a wide range of non-tariff measures implemented by South Korea, such as the online platform regulations and an ongoing import ban on American beef from cattle aged 30 months or older.

Under a deal reached last month, South Korea committed to investing $350 billion in the US in return for the US agreeing to reduce its reciprocal tariff on South Korean imports from 25% to 15%.