The Democratic Party of Korea asked the opposition for cooperation, saying it would quickly wrap up the National Assembly's ratification and consent procedures for the South Korea–U.S. tariff negotiation plan that was dramatically settled on the occasion of the APEC (Asia-Pacific Economic Cooperation) summit in Gyeongju. It also said it would swiftly push to enact a "special act on investment in the United States" to raise the funds needed for $350 billion (about 497 trillion won) in financial investment in the United States.
Democratic Party leader Jung Chung-rae said at the supreme council meeting at the National Assembly that "if you take apart the contents of the (South Korea–U.S.) negotiations one by one, it was the best negotiation that helped both South Korea and the United States," adding it was "truly the greatest achievement that makes you give a thumbs-up."
Jung said, "In particular, approval to build a nuclear-powered submarine is in itself astonishing," adding, "It is confirmation that the South Korea–U.S. alliance is stronger than ever, and it is a feat achieved by a bold gambit." He went on to say, "Foreign media assessments are uniformly favorable," and cited foreign news reports on the South Korea–U.S. negotiations one by one.
Jung added, "After the APEC summits conclude successfully, next it is the National Assembly's time," stressing that the party would actively back follow-up measures to the tariff negotiations.
He said, "The Democratic Party will do everything it can so that this South Korea–U.S. tariff negotiation plan can be applied as soon as possible after going through the National Assembly's ratification and consent procedures without delay." He also asked for cooperation, saying, "We expect full and patriotic cooperation from the opposition parties, including the People Power Party."
The Democratic Party said it would also swiftly push the passage of the "special act on investment in the United States."
Floor leader Kim Byung-kee said, "The government will soon submit the special act on investment in the United States to the National Assembly," adding, "If the bill is submitted in Nov., it will be applied retroactively from Nov. 1. The strategy is to advance legislation and execution simultaneously to institutionalize the negotiation's achievements quickly and maximize the effect."
He added, "This fund will be an economic security fund and a national interest fund that protects the Republic of Korea's industrial sovereignty," stressing, "It will become a practical weapon to strengthen the competitiveness of key industries such as automobiles, semiconductors, and pharmaceuticals and to raise our corporations' market share in the United States."
Kim said, "We will act as one with the government to swiftly improve laws and systems," again asking for the opposition's cooperation.
Under this negotiation, South Korea agreed to pay $200 billion of the $350 billion in investment in the United States in cash through partitioning. The prevailing interpretation is that this falls under the Constitution's requirement for National Assembly ratification and consent. Article 60, Paragraph 1 of the Constitution provides that "the National Assembly shall have the right to consent to the conclusion and ratification of treaties which impose significant financial burdens on the state or the people."
However, the Democratic Party's position is that, at this point, because no South Korea–U.S. tariff negotiation treaty and the like have been prepared, it is unclear whether to handle the follow-up measures through National Assembly ratification or to push them through a special act.
Chief spokesperson Park Soo-hyun told reporters after the supreme council meeting, "(At present) we do not know whether what is needed is a special act or ratification," explaining, "The media seems to be treating ratification as a foregone conclusion, but (for now) we cannot know whether this is a treaty or not." He added, "Once the (tariff negotiation) fact sheet is put together, the two countries will reach a joint agreement," and said, "When a list comes out of what the National Assembly needs to cooperate on, the party, government, and presidential office will coordinate, and we will work with the opposition to ensure the negotiation results can be concluded swiftly."