Seoul: Finance Minister Koo Yun-cheol announced plans to submit a special bill to promote investment in the United States to the National Assembly before the end of November, following a recent agreement between Seoul and Washington regarding South Korea's $350 billion investment package tied to a trade deal.

According to Yonhap News Agency, the agreement was finalized during a meeting between President Lee Jae Myung and U.S. President Donald Trump on the sidelines of the Asia-Pacific Economic Cooperation summit in Gyeongju last month. Minister Koo emphasized the importance of communicating the submission of the special law to the U.S. to ensure the implementation of a 15 percent auto tariff as of November 1.

Should the government proceed with the bill submission as scheduled, U.S. tariffs on South Korean products are expected to be reduced retroactively to 15 percent from the month of submission, as stated by the Ministry of Economy and Finance. This development is part of the final terms of the investment package, under which South Korea will provide $200 billion in cash installments, limited to $20 billion annually, along with an additional $150 billion designated for bilateral cooperation in shipbuilding.

Regarding the management structure for the $200 billion investment fund, Koo indicated that it would likely be structured as a government fund. "We are discussing various options within the government, and the National Assembly will also review the matter," he said. "Basically, we need a mechanism to hold and manage the money, and I expect that system will operate similar to our other government funds."