Rival parties to launch special committee to advance US investment bill
Rep. Han Byung-do, second from right, floor leader of the ruling Democratic Party, and his PPP counterpart, Rep. Song Eon-seog, second from left, pose during a meeting at the National Assembly in Seoul, Wednesday. Yonhap
The ruling Democratic Party of Korea (DPK) and the main opposition People Power Party (PPP) agreed Wednesday to establish a special committee to handle a special bill on implementing South Korea's investment package pledged to the United States.
DPK floor leader Han Byung-do and his PPP counterpart, Rep. Song Eon-seog, told reporters that the agreement was reached during a meeting at the National Assembly earlier in the day.
The special committee will consist of 16 members, with eight lawmakers from the DPK, seven from the PPP and one from outside the two major parties. A PPP member will chair the committee.
The committee will run under a 30-day mandate.
The special bill on U.S. investment was introduced by the DPK last November to carry out Seoul's investment pledges to the U.S. as part of a trade deal reached by the two countries last year, following tariff actions by U.S. President Donald Trump.
Under the deal, Seoul has committed to investing $350 billion in the U.S., among other pledges, in return for Washington lowering reciprocal tariffs on South Korea to 15 percent from 25 percent.
In an online post last month, Trump threatened to raise reciprocal tariffs on Korean goods back to 25 percent from 15 percent, citing a delay in Seoul's legislative process needed to move the trade deal forward.