Commerce Minister Yeo Han-koo, left, shakes fingers with U.S. Sen. Andy Kim (D-NJ) in Washington, Tuesday (native time). Courtesy of Ministry of Commerce, Trade and Power
Commerce Minister Yeo Han-koo has met with U.S. lawmakers and officers to dispel considerations over Korea’s ongoing investigation into a large information breach at Coupang Inc., warning towards the difficulty evolving right into a commerce row between the 2 international locations, Yeo’s workplace mentioned Thursday.
Yeo traveled to Washington this week to fulfill with a variety of U.S. lawmakers, together with Sen. Andy Kim (D-NJ), Invoice Hagerty (R-TN), Dave McCormick (R-PA) and Todd Younger (R-IN), in addition to Rep. Adrian Smith (R-NE) and Rep. Darrell Issa (R-CA).
Yeo additionally held conferences with officers from U.S. assume tanks and enterprise associations, together with the Coalition of Providers Industries, the Pc & Communications Trade Affiliation, and the Middle for Strategic and Worldwide Research, based on the Ministry of Commerce, Trade and Assets.
Yeo’s journey to the U.S. got here as considerations burst out from Washington over Korea’s current push for digital rules, together with the lately revised community act, and scrutiny into Coupang’s information leak incident.
Earlier this week, Smith, chair of the commerce subcommittee of the U.S. Home of Consultant’s Methods and Means Committee, claimed Korean regulators look like “aggressively” concentrating on U.S. expertise companies, together with Coupang, by means of “discriminatory” actions.
To dispel such considerations, Yeo advised U.S. lawmakers that Korean authorities are investigating the Coupang case in accordance with associated legal guidelines, and it’s inappropriate to interpret the matter as a commerce problem between Seoul and Washington, the ministry mentioned.
Coupang, which suffered a leak of non-public data from about 34 million prospects late final yr, is a U.S.-listed agency based by Korean American Kim Bom-suk, or Bom Kim. The corporate generates about 90 p.c of its gross sales in Korea.
In the meantime, Yeo additionally met with the U.S. Commerce Consultant Jamieson Greer to carry follow-up discussions on non-tariff barrier points included within the two international locations’ commerce deal.
Yeo additionally advised Greer that Korea should not face unfavorable therapy in contrast with different international locations in relation to the U.S. Supreme Court docket’s deliberate ruling on the legality of President Donald Trump’s administration’s reciprocal tariffs on America’s buying and selling companions, emphasizing that Korea is among the few international locations which have reached a commerce settlement with the U.S.
“The U.S. has been displaying excessive expectations for commerce and funding cooperation with Korea following the bilateral tariff deal, however we have to rigorously handle threat components, comparable to digital commerce points and the anticipated tariff ruling by the U.S. Supreme Court docket,” Yeo mentioned in a press launch.
“We’ll proceed our efforts to increase outreach to the U.S. as you will need to precisely clarify and talk the intentions and background of our insurance policies to the U.S. authorities, Congress and industries.”
