Feb 26 β€’ 00:56 UTC πŸ‡°πŸ‡· Korea Hankyoreh (KR)

Democratic Party and Ministry of Industry Agree on Swift Processing of the U.S. Investment Special Law

The Democratic Party of Korea and the Ministry of Industry have reached a consensus on the need to quickly process the U.S. Investment Special Law currently pending in the National Assembly.

The Democratic Party of Korea and the Ministry of Trade, Industry and Energy have unified their stance on the necessity of expediting the processing of the U.S. Investment Special Law, which has been stalled in the National Assembly. At a recent party-government meeting held on the 26th, Kim Won-yi, a member of the National Assembly's Industry, Trade, and Energy Committee, emphasized the urgency of passing the law to reinforce economic relations with the United States. According to Kim, given the current political climate and recent remarks by U.S. President Donald Trump, South Korea must avoid being a target in potential economic conflicts.

During the discussions, Kim stressed that it is critical for South Korea to assure its commitments to the U.S. and to demonstrate that it is actively working towards fulfilling these obligations. He noted the importance of swift legislative action to prevent any misconceptions or concerns about South Korea’s dedication to its international agreements. Kim also pointed out that the opposition party, People Power Party, appears to be resistant to the establishment of a special committee dedicated to processing the law, causing further delays in the legislative process.

Kim expressed a personal opinion that in light of the ongoing economic tensions, it might be necessary for the Speaker of the National Assembly, Oh Won-sik, to invoke special legislative procedures to bring the U.S. Investment Special Law to a vote. This statement reflects the seriousness of the situation as stakeholders are concerned about the implications of delays on South Korea's economic strategy and relationship with the U.S., particularly during these challenging economic times.

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