Key facts
- Steel said American companies in Korea deserve to compete on a level playing field, without naming Coupang.
- South Korea's Fair Trade Commission fined Coupang 300.8 billion won and Woowa Brothers 331.1 billion won on November 9.
- Steel said South Korea's budget decisions will bring it closer to a pledge to raise defense spending to 3.5% of GDP.
- Steel described South Korea's commitment to invest $350 billion in the US as a once-in-a-generation upgrade to the alliance.
US Ambassador to South Korea Michelle Steel said on November 10 that American companies in South Korea deserve to compete on a "level playing field," speaking at a forum hosted by the Korea-U.S. Parliamentarians' Union in Seoul. She did not mention Coupang by name.
The remarks came a day after South Korea's Fair Trade Commission announced fines of 300.8 billion won ($223 million) for Coupang Corp. and 331.1 billion won for Woowa Brothers Corp., the operator of the delivery app Baemin, accusing them of abusing their market-dominant positions to limit competition, Yonhap reported.
Steel said South Korea's budget decisions in the coming weeks would bring it closer to its commitment to raise defense spending to 3.5% of GDP, referring to the National Assembly's plan to pass next year's budget bill. She also described South Korea's commitment to invest $350 billion in the US under last year's bilateral trade and investment agreement as a "once-in-a-generation upgrade" to the alliance.
Kim Jina, South Korea's second vice foreign minister, told the same forum that cooperation with the new US Congress, to be launched next year after this month's midterm elections, mattered more than changes in the political environment.