S. Korea's USD350B U.S. Investment Plan May Need Parliament's Ratification
(MENAFN) South Korea's $350 billion investment plan under a recent trade agreement with the U.S. may require parliamentary ratification, according to a report by media.
Prime Minister Kim Min Seok addressed the issue Tuesday after an opposition lawmaker inquired whether ratification would be necessary to fulfill the investment commitment. This commitment came in exchange for Washington reducing tariffs on South Korean goods from 25% to 15%.
"It's hard to speak for all cases," Kim said. "Once the final negotiations are done and a conclusion is reached, the agreement of the National Assembly may be needed."
Meanwhile, the South Korean presidential office clarified that it would not rush into signing any trade deal with the U.S. that could negatively impact the interests of South Korean companies.
"We cannot sign an agreement that would cause major losses to our companies just because of time pressure," a presidential official told reporters.
While Seoul aims to conclude trade talks "at an early date," the official emphasized that the government will not accept terms that "cause serious harm" to national interests.
President Lee Jae Myung remains steadfast in his commitment to protect South Korean companies from incurring losses in their U.S. investments, stating, "Companies invest in the U.S. to make money, not to give it away."
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