Rival parties expected to pass US investment bill on March 12
Rep. Yoo Sang-beom of the main opposition People Power Party, left, and Rep. Cheon Jun-ho of the ruling Democratic Party of Korea shake hands during their talks 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 pass a special U.S. investment bill without delay in consideration of the national interest, with a parliamentary vote expected on March 12.
The two sides reached the consensus during their talks at the National Assembly, agreeing to cooperate in passing the special bill to carry out Seoul's investment pledges to Washington as part of a trade deal reached by the two countries last year, following tariff actions by U.S. President Donald Trump.
"We heard from the PPP side that they will complete the review of the special U.S. investment bill by March 9 as planned," DPK Rep. Cheon Jun-ho told reporters. "If things proceed as planned, the bill will be submitted and put to a vote during a parliamentary plenary session on March 12 at the latest."
PPP Rep. Yoo Sang-beom said the agreement was reached under the understanding that the U.S. would expect the bill to be passed as scheduled given the "turbulent international situation stemming from the war between the U.S. and Iran."
"The U.S. could take very strong retaliatory measures if the legislative process is delayed," Yoo said. "We decided to process the bill after comprehensive consideration of the national interest."
In January, 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.
Meanwhile, the rival parties failed to narrow differences at Wednesday's meeting over proposed mergers between the central city of Daejeon and South Chungcheong Province, and another between Daegu and North Gyeongsang Province.