Vehicles wait to be shipped in Pyeongtaek port in Pyeongtaek, Gyeonggi Province, on Jan. 27. (Yonhap)
Vehicles wait to be shipped in Pyeongtaek port in Pyeongtaek, Gyeonggi Province, on Jan. 27. (Yonhap)

South Korea's National Assembly is stepping up momentum behind the plan to invest $350 billion in the US, approving the establishment of a special committee dedicated to the passage of related bills.

It is the latest development in South Korea's move to address renewed trade woes after US President Donald Trump threatened to reinstate 25 percent tariffs on a range of South Korean goods, blaming Seoul for its slow legislative progress.

Under the plan greenlit at Monday's National Assembly plenary session through a 160-3 vote, the 16-member special committee will be dedicated to completing the legislative processes required within its monthlong operation ending March 9.

Following parliamentary approval, National Assembly Speaker Rep. Woo Won-shik asked the committee to complete the legislative process as soon as possible, potentially within this month, given the urgency of the matter.

Rep. Son Sol of the minor Progressive Party, however, objected to fast-tracking the bill, saying the National Assembly should have made a complaint in response to Trump's tariff threat in January instead.

This follows Sunday's announcement by Democratic Party senior spokesperson Rep. Park Soo-hyun. After a meeting of high-ranking officials from Cheong Wa Dae, the government and the ruling party, Park said a special committee would begin work Monday to pass the US investment bill through a bipartisan agreement "in early March."

So far, up to eight bills have been referred to the Strategy and Finance Committee.

Tentatively titled the "Special Act on Managing Korea-US Strategic Investments," the bills cover the framework, procedures and scope of South Korea's strategic investment in US projects. A state-run body to oversee the investment fund endowed by the government and the central bank will be established in accordance with the law.

In addition to the five bills submitted respectively by Reps. Ahn Do-geol, Hong Kee-won, Jin Sung-joon, Kim Byung-kee and Park Sung-hoon, three more lawmakers, Rep. Chung Il-young of the Democratic Party, and Reps. Park Soo-young and Kim Gunn of the People Power Party submitted similar bills after Trump's tariff pledge.

Chaired by four-term lawmaker Rep. Kim Sang-hoon of the People Power Party, the committee will comprise eight lawmakers from the ruling Democratic Party and seven lawmakers from the main opposition People Power Party.

Members — expected to be confirmed later this week — will include eight lawmakers from the ruling Democratic Party and seven lawmakers from the main opposition People Power Party. A People Power Party lawmaker will chair the special committee.

Concerns have mounted as the potential US tariff hike could pose a significant cost burden on South Korean industries, with losses for carmakers projected at up to 4.4 trillion won ($3 billion) each year.

Democratic Party chair Rep. Jung Chung-rae said Monday that protecting South Korean companies perplexed by tariff woes is "the party's priority," adding that the swift passage of the special US investment bill could "minimize damage to South Korean companies."

People Power Party chair Rep. Jang Dong-hyeok, on the other hand, blasted the liberal bloc for unfairly blaming its conservative rivals for the legislative delay and Trump's tariff threat, claiming that the liberal bloc is responsible.

"Our party swiftly conceded (to the Democratic Party's demand), ... but Washington's pressure on Seoul continues to intensify," Jang said, citing the US Congress' move to look into South Korea's treatment of e-commerce firm Coupang over its massive consumer data leak.


consnow@heraldcorp.com