Top U.S. envoy says American firms in S. Korea deserve to compete on 'level playing field'

SEOUL, Nov. 10 (Yonhap) -- The top U.S. envoy in Seoul said Tuesday that American companies in South Korea deserve to compete on a "level playing field," a day after Seoul's antitrust regulator announced a decision to fine e-commerce giant Coupang Corp. for abusing its market dominance.

Ambassador Michelle Steel made the remarks during a forum hosted by the Korea-U.S. Parliamentarians' Union as Washington has repeatedly taken issue with Seoul's regulatory and other steps that could affect U.S. companies operating in the Asian country.

"As our two presidents committed (to this last year), American companies in Korea deserve to compete on a level playing field," Steel said. "That starts (with) understanding each other better."

Steel did not mention Coupang, the U.S.-listed firm, by name.

On Monday, South Korea's Fair Trade Commission announced the decision to fine Coupang 300.8 billion won (US$223 million) and Woowa Brothers Corp., the operator of the delivery app Baemin, 331.1 billion won, accusing them of abusing their market-dominant positions to limit competition.

Steel has repeatedly stressed her commitment to ensuring that U.S. firms operating in South Korea are not discriminated against in her public remarks, including those during her Senate confirmation hearing in May.

At the forum, the ambassador also pointed out South Korea's pledge to increase its defense spending to 3.5 percent of its gross domestic product (GDP).

"In the coming weeks, your budget decisions will also bring Korea closer to its commitment to raise defense spending to 3.5 percent of GDP," she said, referring to the National Assembly's plan to pass next year's government budget bill.

In addition, the ambassador commented on South Korea's commitment to investing US$350 billion in the U.S. as part of last year's bilateral trade and investment agreement, which she cast as a deal that delivered a "once-in-a-generation upgrade" to the Seoul-Washington alliance.

"We are not only security allies but indispensable economic partners," she said. "We must not only go together but grow together."

During the same forum, Seoul's Second Vice Foreign Minister Kim Jina underscored the importance of cooperation with the new U.S. Congress that will be launched next year following this month's midterm elections.

"The true power of the alliance does not lie in the change of the political environment," Kim said. "It lies in working together to keep shared interests and commitments despite such changes."