Seoul: The ruling Democratic Party (DP) and the main opposition People Power Party (PPP) have reached an agreement to expedite the passage of a special U.S. investment bill, with a parliamentary vote anticipated on March 12. This decision was made in consideration of national interests, as both parties aim to fulfill South Korea's investment commitments to the United States, originating from a trade agreement established last year.
According to Yonhap News Agency, the consensus was achieved during discussions at the National Assembly, with both parties pledging cooperation to ensure the bill's passage. This legislative effort follows tariff measures enacted by U.S. President Donald Trump. DP Representative Cheon Jun-ho communicated that the PPP plans to complete the review of the bill by March 9, allowing for its submission and potential approval during a parliamentary plenary session by March 12.
PPP Representative Yoo Sang-beom highlighted the urgency of passing the legislation, noting that the U.S. expects timely action due to the international instability resulting from the conflict between the U.S. and Iran. He emphasized that delays could provoke strong retaliatory measures from the U.S., thus necessitating swift legislative action in the national interest.
In January, President Trump threatened to reinstate higher tariffs on South Korean goods, raising them back to 25 percent from 15 percent, citing delays in Seoul's legislative process critical for advancing the trade deal.
Meanwhile, the meeting did not resolve differences regarding proposed mergers between the central city of Daejeon and South Chungcheong Province, as well as between Daegu and North Gyeongsang Province.