U.S. investors withdraw Coupang 'Section 301' petition, but dispute with Korea continues

U.S. investment firms that hold shares in Coupang have withdrawn a petition they filed with the Office of the United States Trade Representative (USTR), asking it to investigate allegedly discriminatory measures by the Korean government against Coupang under Section 301 of the Trade Act of 1974. This provision authorizes the U.S. administration to impose tariffs or take other actions in response to unfair foreign government policies that restrict U.S. trade.
On the 9th (local time), Greenoaks Capital and Altimeter Capital, both investors in Coupang, announced, "We are withdrawing the Section 301 petition we filed in connection with the measures taken by the Korean government against Coupang." They explained the decision by saying, "Since the USTR has expressed its intention to launch a broader Section 301 investigation into unfair trade practices, we concluded that a petition targeting a single company could be duplicative."
Previously, on January 22, they had petitioned the USTR under Section 301 of the Trade Act of 1974, arguing that "Korea is using a limited-scale personal data leak as a pretext to mount a whole-of-government attack on Coupang" and calling on it to "investigate Korea’s unfair and discriminatory actions and take appropriate trade remedies."
At the same time, on the 9th, the investors also signaled that, "Regardless of the withdrawal of the USTR petition, our potential actions against the Korean government will continue independently." They are reported to be moving forward with procedures for Investor–State Dispute Settlement (ISDS) arbitration against the Korean government.
whywani@fnnews.com Reporter Hong Chae-wan Reporter