Rival Parties Join Hands on Bill Amid Extreme Standoff... Special Committee on Investment in the U.S. to Launch on the 9th

Plenary Passage of the Special Act Expected Early Next Month

Despite the ongoing standoff, the ruling and opposition parties have agreed to form a "Special Committee for the Handling of the Special Act on Investment in the United States." As the U.S. administration, citing delays in the National Assembly’s handling of the relevant bill, has begun the procedure of publishing the "25% tariff" in its official gazette, both sides have effectively decided to hasten the legislative process.

Han Byungdo, Floor Leader of the Democratic Party, and Song Eonseok, Floor Leader of the People Power Party, met at the National Assembly on the afternoon of the 4th and reached this agreement. The resolution to form the special committee is scheduled to be put to a vote at the plenary session on the 9th. The Special Act on Investment in the United States is expected to pass the plenary session in early to mid-March.

The special committee will be composed of 16 members (8 from the Democratic Party, 7 from the People Power Party, and 1 from non-negotiating groups). It was decided to include at least one member each from the relevant standing committees: the Strategy and Finance Committee, the Political Affairs Committee, and the Trade, Industry, Energy, SMEs and Startups Committee. As the chairs of these three standing committees are all from the People Power Party, the chairmanship of the special committee will also be held by the People Power Party.

On the afternoon of the 4th at the National Assembly, the ruling and opposition floor leadership, after negotiations, agreed to form a Special Committee on the Special Act for Investment in the U.S., signed the agreement and are now unveiling it. From the left: Yoo Sangbeom, Senior Deputy Floor Manager of the People Power Party; Song Eonseok, Floor Leader of the People Power Party; Han Byungdo, Floor Leader of the Democratic Party; and Chun Junho, Senior Deputy Floor Manager of the Democratic Party. Yonhap News

The Special Act on Investment in the United States is a bill arising from the signing of the Korea-U.S. Tariff Agreement Memorandum of Understanding (MOU) and contains provisions on the establishment of the Korea-U.S. Strategic Investment Corporation and an investment fund. Although it was introduced in November last year, it has drifted for about 70 days without even being referred to a standing committee. The opposition had argued that, as this is an agreement that imposes a significant fiscal and economic burden on the public, parliamentary ratification is necessary.

The ruling and opposition parties belatedly joined hands because the U.S. side began pressuring for a re-imposition of tariffs, using the delay in our National Assembly’s legislative process as a pretext. Given that this issue has a major impact on the Korean economy, both sides moved quickly to prepare a compromise. National Assembly Speaker Woo Wonshik also stepped in to mediate, proposing that the ruling party put contentious bills on hold and that the opposition withdraw its demand for prior parliamentary ratification consent.

At the Supreme Council meeting that morning, Floor Leader Song said, "As the leading responsible opposition party, we have decided to cooperate in a broad-minded manner," adding, "We expect a rigorous review equivalent to parliamentary ratification consent."

On the same day, at a policy coordination meeting, Democratic Party Floor Leader Han Byungdo said, "By specifying that the Special Act on Investment in the United States will be handled by early March, we have increased predictability," and added, "It is highly significant in that it means we no longer need to engage in wasteful debates over parliamentary ratification consent."

This content was produced with the assistance of AI translation services.