The People Power Party evaluated President Lee Jae-myung's U.S.-South Korea summit, which has concluded, as a 'meaningless meeting' without any clearly agreed outcomes. Thanks to the economic delegation composed of heads of domestic corporations, an urgent crisis was averted, but the government was criticized for pushing forward anti-corporate legislation, including the yellow envelope law (amendments to Articles 2 and 3 of the Labor Union Act) and the Commercial Act amendment.
On the 27th, Choi Eun-seok, the chief spokesperson for the People Power Party, said in a commentary, "President Lee should exercise his veto over the yellow envelope law and the Commercial Act to become the 'pace maker' for our corporations."
Choi noted, "Although the U.S.-South Korea summit has concluded, looking at the results, there is still little that has been clearly agreed upon, making it virtually a 'meaningless meeting.' Diplomacy is a ruthless negotiation game with a counterpart. No matter how much you try to conceal it and present it appealingly, you cannot hide the essence."
He continued, "The fact that Korea was able to avoid humiliation and the worst-case scenario from the previous tariff negotiations to this U.S.-South Korea summit was thanks to the efforts of our corporations." He emphasized, "There has been a 'bone-cutting dedication' that totaled $500 billion, including $150 billion in direct investment and combined with the existing $350 billion."
He pointed out that despite the dedication of corporations, the government is disregarding them. Recently, legislation constraining corporations, including the yellow envelope law and the Commercial Act amendment, passed the National Assembly under the leadership of the Democratic Party of Korea. Choi urged President Lee to exercise his right to request reconsideration (veto) regarding the yellow envelope law and the Commercial Act amendment to ensure the survival of domestic corporations.
Choi stated, "Exercising the veto on the yellow envelope law and the Commercial Act amendment is not simply a matter of political calculations, but a significant national decision to protect the survival of the Korean economy. President Lee said he would be the 'pace maker' for inter-Korean relations at the U.S.-South Korea summit. The ones who truly need a pace maker are our corporations."
He added, "The reality of the government holding back corporations that should help speed things up is indeed the greatest risk to the Korean economy," and noted, "Exercising the veto is the last chance to prevent the fall of the Korean economy and to end the Korea discount."