Seoul: Trade Minister Yeo Han-koo on Wednesday urged the National Assembly to promptly pass a special bill aimed at implementing South Korea's investment package for the United States by the March 9 deadline, emphasizing its significance in maintaining stable trade relations with Washington.
According to Yonhap News Agency, Yeo addressed a meeting hosted by the South Korea-U.S. parliamentary union at the National Assembly, underlining the crucial need for parliamentary backing. He stressed the importance of the timely passage of the bill, citing the rising uncertainties in the global trade order following the U.S. Supreme Court's decision to nullify former President Donald Trump's global "reciprocal" tariffs.
Yeo highlighted the role of the South Korean parliament in stabilizing trade relations with the U.S., emphasizing the necessity for the union to maintain close communication with American counterparts. He pointed out potential misunderstandings given that authority over foreign trade and tariffs in the U.S. predominantly rests with Congress, unlike in South Korea.
The trade minister shared that he has conveyed this point during discussions with members of both the U.S. Senate and House of Representatives. The U.S. investment bill, introduced by South Korea's ruling party last November, aims to implement the trade agreement reached during summit talks between President Lee Jae Myung and Trump.
The legislation outlines the procedures necessary to facilitate Seoul's investments in the U.S., including the execution of various memorandums of understanding and the establishment of a "strategic investment fund" for the $350 billion package. The ruling party and government are pushing for the bill's swift passage after Trump threatened to elevate reciprocal tariffs on Korean goods back to 25 percent from 15 percent, citing delays in Seoul's legislative process.
A bipartisan delegation from the South Korea-U.S. parliamentary union is anticipated to visit Washington, D.C., later this month to discuss the matter further.