Prime Minister Kim: "Korea-US Customs Agreement Is an MOU... Not Subject to National Assembly Ratification"

Prime Minister Kim Minseok reaffirmed the government's existing position on November 6, stating that the Korea-U.S. customs agreement is in the form of a memorandum of understanding (MOU) and does not require a separate ratification process by the National Assembly.

Prime Minister Kim Minseok is delivering a greeting at the first meeting of the National Assembly Budget and Accounts Committee held on the 6th at the committee meeting room. Photo by Yonhap News

Appearing before the National Assembly Budget and Accounts Committee on this day, Prime Minister Kim responded to questions regarding the customs negotiations by saying, "The final conclusion between Korea and the United States was reached in the form of an MOU." He added, "In principle, treaties must be ratified, but in cases where that is not required, it is possible to seek the National Assembly's consent in an appropriate form. Please also consider that this issue is linked to the burden on companies and that there are matters that need to be handled swiftly."

The opposition parties are demanding that the details of the Korea-U.S. customs negotiations, which center on a $350 billion investment and entail significant foreign currency expenditures from the national treasury, be fully disclosed and undergo a ratification process seeking the consent of the National Assembly.

However, the government maintains that since the Korea-U.S. customs negotiations are in the form of an MOU and do not constitute a "treaty," ratification is not necessary. Instead, the government plans to submit a special law on investment in the United States to the National Assembly, which will provide the legal basis for creating an investment fund using returns from the management of foreign currency assets.

Previously, an official from the presidential office also stated, "Since the memorandum of understanding on the customs agreement is not legally binding, it is not subject to ratification by the National Assembly, and this is currently being reviewed at the working level."