The Democratic Party of Korea and the People Power Party agreed to form a special committee of the National Assembly to handle the Special Act on Investment in the United States, a follow-up measure to the Korea-U.S. tariff talks. Earlier, the People Power Party had demanded parliamentary ratification regarding the tariff talks, but, considering the urgency of the matter, agreed to cooperate on passing the Special Act on Investment in the United States.
Floor leader Han Byung-do of the Democratic Party and floor leader Song Eon-seog of the People Power Party met at the National Assembly on the afternoon of the 4th to discuss the plenary schedule. After the meeting, the two floor leaders drafted and signed an agreement that included forming the special committee for the Special Act on Investment in the United States and items related to the plenary schedule.
The "Special Committee on the Special Act on Investment in the United States" will have a total of 16 members, consisting of eight from the Democratic Party, seven from the People Power Party, and one from a nonnegotiating group. Considering the matter, one Commissioner each from the National Policy Committee, the Strategy and Finance Committee, and the Trade. Industry Energy. SMEs. and Startups Committee will be included. The Chairperson will be a member from the People Power Party.
The special committee on the Special Act on Investment in the United States is set to be approved at the plenary session on the 9th. The activity period will be one month after the plenary approval and is expected to run until the 9th of next month. The ruling and opposition parties also agreed to convene a plenary session on the 12th to process bills they agreed upon.
The People Power Party decided not to further discuss "parliamentary ratification" of the Korea-U.S. tariff talks, which it had argued for until now. Earlier in the day, Deputy Prime Minister and Minister for the Economy Koo Yun-cheol visited Lim Lee-ja, the People Power Party chair of the Strategy and Finance Committee, and asked, "Please expedite passage of the Special Act on Investment in the United States."
Song, the floor leader, said, "Fundamentally, the need for ratification is the same, but, in practical terms, given the current issue of increased tariff rates for our corporations, we judged that it is urgent to pass the bill," adding, "The ratification motion will not be discussed by the special committee."
Regarding the agenda for the plenary session on the 12th, floor leader Han said, "We will open the plenary session on the 12th and process bills selected by agreement between the ruling and opposition parties," adding, "The two parties' deputy chief floor leaders for operations will confirm and try to consult on the entire set of bills."
The Democratic Party's position is to continue negotiations with the People Power Party regarding the so-called "prosecution and judicial reform" bills at the plenary session on the 12th.
Cheon Jun-ho, the Democratic Party's deputy chief floor leader for operations, said, "Among the bills that have reached the plenary or were newly handled in standing committees, we will select and handle first the ones that require urgent processing," adding, "We will continue to persuade the People Power Party on processing the reform bills."