Minister for Trade Yeo Han-koo Departs for U.S. to Address Misunderstandings Over Korea’s Digital Legislation

The Financial News – Minister for Trade Yeo Han-koo of the Ministry of Trade, Industry and Energy left for the United States on the 11th to ease U.S. concerns over Korea’s digital regulatory legislation, which has emerged as a key trade issue between the two countries.
Speaking to reporters at Incheon International Airport before his departure, Yeo said, "With a ruling by the Supreme Court of the United States (SCOTUS) on reciprocal tariffs imminent, I intend to gauge in advance the positions of the U.S. government and industry," adding, "At the same time, it is necessary to clearly explain the policy intent behind Korea’s digital legislation."
He went on to say, "If there are any aspects that the U.S. side might misunderstand, we need to prevent that in advance."
Yeo also noted, "It appears that parts of our policy intent are being misunderstood," and explained, "We plan to actively engage with the Office of the United States Trade Representative (USTR), key members of the U.S. Senate and House, as well as digital-related industries and associations, to address those issues."
Previously, the U.S. administration and Congress had openly expressed dissatisfaction, arguing that the recent amendment to the Act on Promotion of Information and Communications Network Utilization and Information Protection, passed by Korea’s National Assembly late last year, and the pending Online Platform Act are regulatory measures targeting U.S. companies.
On January 31, the United States Department of State (State Department) also stated, "We express serious concern that the Korean government has approved an amendment to the Network Act (the Act on Promotion of Information and Communications Network Utilization and Information Protection) that will negatively affect the business of U.S. online platforms and undermine freedom of expression." The amendment stipulates that those who knowingly and intentionally disseminate fabricated or manipulated information must pay up to five times the damages incurred.
Meanwhile, it is expected to take some time before the Joint Committee of the Korea–United States Free Trade Agreement, which is to be convened to discuss non-tariff barriers in the bilateral tariff talks, is actually held. Yeo said, "We will discuss the issue of the United States–Korea Free Trade Agreement (KORUS FTA) Joint Committee during this trip, but the timing is not critical right now."
He added, "Because we have communication channels open with the USTR and others, the KORUS FTA Joint Committee can be convened once both sides are ready." Yeo is scheduled to return to Korea on the 15th after completing his itinerary.

leeyb@fnnews.com Lee Yu-beom Reporter