The U.S. Chamber of Commerce has voiced opposition to South Korea’s proposed regulations to curb the dominance of large online platform businesses.

Charles Freeman, senior vice president for Asia at the U.S. Chamber, issued a statement on Monday expressing concerns about Seoul's apparent rush to pass platform legislation that reportedly targets a small group of large platform businesses to curb market dominance and ban unfair market activities.

The law is expected to impose regulations on major platform players, including Naver and Kakao from South Korea, as well as U.S. tech giants such as Apple, Google, Amazon and Meta.

With South Korea’s Fair Trade Commission expected to release a proposal of the legislation next month, the U.S. Chamber said that the full text of any proposed legislation should be made publicly available, calling on Seoul to provide sufficient opportunity for dialogue with a range of stakeholders, including the U.S. business community and Washington.

The Chamber claimed that it has monitored similar legislative discussions in multiple countries, and these platform proposals are deeply flawed.

It added that these regulations trample on competition that benefits consumers, ignore good regulatory practices fundamental to sound oversight models, and position governments to violate their trade commitments by arbitrarily targeting foreign firms.