Ruling Party to Propose Special Act on US Investment This Week—Draft to Be Reviewed Today

(Seoul=Yonhap Infomax) Nam Kyoung Hwang—Kim Byung-ki, Floor Leader of the Democratic Party of Korea, announced plans to introduce a Special Act on US Investment within this week as a follow-up measure to the recent South Korea-US tariff negotiations.

Speaking at a party policy meeting at the National Assembly on the morning of the 25th, Kim stated, "From today, follow-up support for the APEC (Asia-Pacific Economic Cooperation) South Korea-US tariff negotiations will be fully underway."

He added, "The Democratic Party's Committee for Expanding APEC Achievements and Supporting Follow-up Measures to the South Korea-US Tariff Negotiations will hold its inaugural meeting today. A pan-governmental cooperation system involving key standing committees and relevant ministries will discuss concrete follow-up actions."

Kim highlighted, "The Gyeongju APEC summit delivered diverse outcomes, including economic impact, investment attraction, enhancement of national prestige, and regional development. The South Korea-US tariff negotiations also yielded meaningful results in tariff adjustments and strategic cooperation."

He emphasized, "It is now crucial to further expand these achievements and ensure that both the public and businesses can feel the impact on the ground. We will actively pursue regulatory reforms and sector-specific support to facilitate corporate activities, while carefully addressing supplementary measures for key industries such as steel and petrochemicals."

Kim further noted, "The Special Act on US Investment will be proposed this week, and we will thoroughly review and supplement the bill to ensure it meets on-the-ground demands and provides tangible benefits to the national economy."

After the policy meeting, Democratic Party spokesperson Moon Geum-ju told reporters that the first meeting on expanding APEC achievements and supporting follow-up measures to the South Korea-US tariff negotiations would be held at 14:00 KST today, where the draft of the special act will be presented. "The goal is to propose the bill within this month," Moon said.

He added, "The last plenary session of this month is scheduled for the 27th, and related discussions on the bill's passage are expected to take place then."

Regarding the People Power Party's call for parliamentary ratification of the South Korea-US tariff negotiations, Moon stated, "That is not something we can accept. As far as we are concerned, the discussion on ratification is over."

nkhwang@yna.co.kr

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