The National Assembly passed in a plenary session a plan to form a special committee to review the Special Act on Investment in the United States (the special bill for managing strategic investment with the United States), a follow-up measure to the Korea-U.S. tariff negotiations. The ruling and opposition parties are expected to reach an agreement to pass the Special Act on Investment in the United States by the committee's deadline on the 9th of next month.
On the 9th, the National Assembly held a plenary session and approved the "plan to form a special committee for handling the Special Act on Investment in the United States" with 160 in favor, 3 against, and 1 abstention out of 164 members present.
The special committee will consist of 16 members. By party, there will be 8 from the Democratic Party of Korea, 7 from the People Power Party, and 1 from a nonnegotiating group. At least one member each from the National Assembly's Strategy and Finance Committee, the National Policy Committee, and the Trade. Industry Energy. SMEs. and Startups Committee will be included. A member from the People Power Party will serve as the committee Chairperson.
The special committee will operate until the 9th of next month. The ruling and opposition parties will review the memorandum of understanding (MOU) concluded as a result of the Korea-U.S. tariff negotiations and examine the bill. In particular, key issues are expected to include the establishment of the Korea-U.S. Strategic Investment Fund to implement the $350 billion (about 512 trillion won) investment, which is the core of the Special Act on Investment in the United States.
After the plan to form the special committee passed that day, National Assembly Speaker Woo Won-sik said, "Given the serious and urgent reasons, I ask for intensive discussions so that handling of the Special Act on Investment in the United States can be possible in February if possible," and added, "We inform the U.S. government that the National Assembly of the Republic of Korea is discussing the bill with a willingness to proceed swiftly while complying with our laws and procedures."