Seoul: The prime minister held talks with key ruling Democratic Party (DP) lawmakers and the presidential chief of staff Sunday to discuss a special bill on implementing South Korea's investment pledges to the United States and other pending issues, officials said. The meeting, held at the residence of the prime minister, came as rival political parties agreed last week to establish a special committee to handle the investment bill amid U.S. President Donald Trump's tariff hike threats.
According to Yonhap News Agency, Prime Minister Kim Min-seok emphasized the impact of delaying the special bill on South Korea's strategic investment in the U.S., which also affects follow-up measures related to tariff negotiations. Kim expressed hope for the swift enactment of the bill. Presidential chief of staff Kang Hoon-sik urged the National Assembly to accelerate legislative efforts on the investment bill and other key legislation concerning people's livelihoods.
During the discussions, DP Representative Jung Chung-rae advocated for the rapid passage of the special bill to alleviate concerns among South Korean companies, emphasizing the need for collaboration between the government, the DP, and the presidential office for the success of the Lee Jae Myung administration. This comes in response to Trump's threat to increase tariffs on South Korean goods, including autos, lumber, and pharmaceuticals, to 25 percent from 15 percent, citing delays in passing the investment bill.
The trade deal between South Korea and the U.S. involves South Korea's commitment to invest US$350 billion in the U.S. in exchange for the U.S. reducing reciprocal tariffs on South Korean goods to 15 percent from 25 percent. Additionally, officials at the meeting agreed to ease restrictions on late-night and early-morning delivery services for large discount store chains in South Korea.
DP spokesperson Park Soo-hyun announced plans to revise the Distribution Industry Development Act, which currently prohibits big-box retailers from operating online deliveries from midnight to 10 a.m. This regulation was initially meant to protect traditional markets and small stores. DP Representative Jung highlighted the necessity of rationalizing these regulations to enhance public convenience and boost the competitiveness of the local retail industry.
Earlier this month, the DP proposed a bill allowing big-box store chains to operate online businesses 24/7, enabling overnight delivery services. This bill aims to create "win-win" solutions for both offline stores and online shopping platforms, though labor groups oppose the legislative move due to concerns over increased nighttime work hours.