Seoul: The ruling Democratic Party (DP) announced its commitment to pushing for the passage of a special bill related to South Korea's investment package for the United States by late February or early March. Rep. Han Jeoung-ae, who leads the parliament's policy committee, emphasized at a press briefing that the National Assembly aims to process the legislation during an extraordinary session scheduled for this period.

According to Yonhap News Agency, the DP introduced the investment bill in November last year following a trade agreement reached between President Lee Jae Myung and U.S. President Donald Trump. The bill outlines the procedures for implementing Seoul's investments in the U.S., which includes executing memoranda of understanding (MOUs) and setting up a strategic investment fund for the US$350 billion package.

The urgency surrounding the bill's passage intensified after President Trump threatened to increase the reciprocal tariff on South Korea from 15 percent to 25 percent, citing delays in Seoul's legislative process. This prompted senior Seoul officials to assure Washington of their commitment to the investment plans as per the joint summit agreements.

Industry Minister Kim Jung-kwan recently cut short his trip to Canada to meet with U.S. Commerce Secretary Howard Lutnick in Washington. Although the talks did not reach a definitive conclusion, Kim stated that the meeting helped alleviate some misunderstandings.

Rep. Han expressed disappointment with the U.S. response, emphasizing that the U.S. should understand and respect the legislative procedures required in South Korea. She warned that abrupt tariff increases could jeopardize the agreements and stressed the importance of mutual respect in honoring the MOUs.