Korea-US joint fact sheet does not require Assembly ratification: FM

Foreign Minister Cho Hyun said Friday that the Korea-U.S. joint fact sheet outlining trade and security commitments following the recent summit between Presidents Lee Jae Myung and Donald Trump does not require National Assembly ratification, as it is structured as a memorandum of understanding (MOU) rather than a legally binding treaty.

"From the beginning of discussions, the United States preferred this to take the form of an MOU rather than a treaty or a binding obligation, and it has done the same with other countries. The MOU clearly states that it does not contain any mandatory provisions," Cho said during a session of the National Assembly’s Foreign Affairs and Unification Committee, when asked about the fact sheet.

"Therefore, we have decided that the MOU itself does not require parliamentary ratification. However, if it imposes burden on the public, we will seek National Assembly approval through a separate bill."

On the enforceability of the fact sheet, Cho said, "While we can suspend investment pledges midway, the U.S. position is that tariffs would be raised again in such a case.”

Earlier this month, Seoul and Washington announced the joint fact sheet, which reduced U.S. sectoral tariffs on Korean goods in an apparent exchange for substantial Korean investments in American shipbuilding and strategic technology industries.

Opposition lawmakers have argued that the agreement requires National Assembly ratification, but government officials have rejected that claim.

Meanwhile, touching on Korea’s nuclear-powered submarine program, Cho said the country must first evaluate its capabilities before beginning talks with Washington.

"We must first assess our capabilities regarding three components — the submarine body, the nuclear propulsion system and nuclear fuel. Based on that assessment, we plan to draw up a negotiation framework and begin talks with the U.S.," he said.

Korea is preparing to develop its first nuclear-powered submarine, now made possible with U.S. approval for uranium enrichment and spent nuclear fuel reprocessing, activities previously restricted under the bilateral nuclear energy agreement.

Cho said discussions on the nuclear energy agreement are under review, noting, "We are comprehensively reviewing whether to amend the current agreement or to add specific provisions that would allow us to carry out uranium enrichment and spent fuel reprocessing."

According to the foreign ministry, First Vice Foreign Minister Park Yoon-joo will travel to Washington next week to hold follow-up talks on the joint fact sheet with Deputy Secretary of State Christopher Landau.