Seoul: South Korea will commence preliminary reviews of prospective investment projects in the United States as the National Assembly gears up to address legislation related to Seoul's investment commitments under a trade agreement with the U.S., announced the country's chief economic policymaker on Tuesday. Finance Minister Koo Yun-cheol made these statements during a meeting with economy-related ministers, following the National Assembly's bipartisan move to establish a committee to oversee the legislation of a special bill concerning investments to the U.S., amid rising tariff threats.

According to Yonhap News Agency, the resolution comes as a response to a situation where heightened tensions could arise due to tariff threats. Minister Koo emphasized the importance of proceeding with the legislation through the domestic law-making process without causing misunderstandings or damaging trust between South Korea and the U.S. during the memorandum of understanding's implementation.

Post-legislation, additional steps, such as drafting subordinate regulations, may take approximately three months before the law's full implementation. Meanwhile, the South Korean government plans to develop a framework for conducting preliminary reviews of candidate projects identified by both nations, as much as administrative processes allow, stated Koo.

To efficiently manage this initiative, the government will temporarily designate the regular economy-related ministers' meeting as a control tower. A pre-review team comprising experts with substantial experience and specialization will be established to carefully assess the commercial viability and other facets of candidate projects identified by both countries.

This development follows last month's statement from U.S. President Donald Trump, who threatened to increase "reciprocal" tariffs and duties on South Korean auto, lumber, and pharmaceutical products to 25 percent from 15 percent, citing delays in passing the special investment bill necessary for implementing the trade deal between the two nations.

Minister Koo also mentioned that the South Korean government will continue to enhance communication with Washington, ensuring that both the government's and the National Assembly's efforts to execute the agreement are fully conveyed.