SEOUL, March 9 – South Korean lawmakers are set to complete work on legislation Monday that would clear the path for a parliamentary vote this week on a massive $350 billion US investment package tied to a trade agreement between the two nations.
The National Assembly is scheduled to hold a full vote on March 12, as South Korea moves to address Washington’s concerns about slow progress in implementing the bilateral trade arrangement.
Known as the “Special Act on Investment in the U.S.,” the legislation would establish an investment framework along with a risk oversight committee to carry out last year’s accord. The agreement calls for South Korean investment in American shipbuilding and semiconductor industries in exchange for reduced US tariffs.
Earlier this year in January, President Donald Trump warned of potential tariff increases on South Korean goods, criticizing lawmakers for what he called legislative delays on the trade agreement.
Senior South Korean government leaders have maintained that the US-South Korea trade arrangement continues to be effective, even after a February Supreme Court ruling that eliminated many of Trump’s tariff policies.
However, Seoul officials have expressed worries about how American investments might affect South Korea’s already struggling won currency. They emphasized that investment decisions would depend on business viability assessments and foreign exchange market stability.
The parliamentary committee, featuring members from both the governing Democratic Party and opposition People Power Party, plans to conduct a final review of the legislation in subcommittee Monday morning before seeking approval at an afternoon session.
