Rival parties in South Korea have confirmed their commitment to moving forward with the necessary procedures for enacting legislation regarding the country’s investment promises to the United States. This decision remains unchanged despite a recent ruling related to President Donald Trump’s tariffs. Representative Kim Sang-hoon of the opposition People Power Party emphasized that the ruling does not mandate a cancellation of South Korea’s investments in the US. He stated that the parties intend to proceed with the planned hearing and review the government’s stance on the ruling.
Lawmakers from the ruling Democratic Party have also affirmed their intention to continue with the legislation as scheduled, highlighting that the agreement with the US remains valid. A key official from the Democratic Party mentioned that there are no anticipated changes to the timeline for processing the special bill concerning South Korea’s investment commitments to the US. The party aims to thoroughly assess the legislation in a composed manner.
In contrast, the minor Jinbo Party has called for an immediate suspension of all procedures related to the investment bill processing. Earlier this month, the National Assembly passed a resolution to establish a parliamentary special committee for expediting the legislation on South Korea’s $350 billion investment assurance to the US, following a trade agreement between Seoul and Washington. This action was prompted by President Trump’s threat to increase tariffs on South Korea back to 25% from the previously agreed 15%, citing delays in the South Korean legislature.
The special committee, which convened its initial meeting on February 12 but was quickly adjourned due to disagreements between rival parties over unrelated judicial reform bills, is set to conduct a hearing on the legislation next Tuesday. The parties plan to advance the bill at a plenary session on March 5, with the special committee’s activities scheduled to continue until March 9.
