Seoul: The ruling Democratic Party (DP) and the main opposition People Power Party (PPP) have reached an agreement to establish a special committee to address a bill related to South Korea's investment commitments to the United States. This decision was announced by DP floor leader Han Byung-do and PPP counterpart Rep. Song Eon-seog during a meeting at the National Assembly.

According to Yonhap News Agency, the special committee will comprise 16 members, including eight lawmakers from the DP, seven from the PPP, and one from outside the two major parties. Leadership of the committee will be held by a member of the PPP. This committee is set to operate under a 30-day mandate to facilitate the legislative process.

The special bill, introduced by the DP last November, aims to fulfill Seoul's investment commitments to the U.S. These commitments were part of a trade agreement between the two nations, following tariff actions initiated by U.S. President Donald Trump. As part of the deal, South Korea committed to investing US$350 billion in the U.S., while the U.S. agreed to reduce reciprocal tariffs on South Korean goods to 15 percent from 25 percent.

In a recent development, Trump posted online a threat to reinstate the 25 percent tariff on South Korean goods. He cited delays in the legislative process in Seoul, which are necessary to advance the trade deal, as the reason for this potential action.