Kim Byungkee to Personally Sponsor the Bill
Government-wide Task Force to Be Established for Nuclear Submarine Construction
The Democratic Party of Korea will introduce the "Special Act on Investment in the United States" on November 26 to provide follow-up support for the Korea-U.S. tariff negotiations. For items such as automobiles, where the mutual tariff rate is 25%, the reduced tariff of 15% will be retroactively applied.
Kim Byungkee, Floor Leader of the Democratic Party, stated at the first meeting of the "APEC Achievement Dissemination and Korea-U.S. Tariff Negotiation Follow-up Support Committee" on November 25, "I will personally sponsor the Special Act on Investment in the United States this week," adding, "A legal basis is necessary for the retroactive application of tariffs." He explained, "We will introduce the bill swiftly, but will carefully review and supplement it to maximize the national interest."
Heo Young, Senior Deputy Floor Leader for Policy of the Democratic Party, said, "The party and government have discussed key items to be included in the special act, such as the establishment of a special fund for Korea-U.S. strategic investment, the decision-making system, and matters related to reporting to the National Assembly." He explained, "The special act will be introduced on November 26 to enable the retroactive application of the reduced automobile parts tariff as of November 1." The bill is expected to be reviewed by the Strategy and Finance Committee.
Senior Deputy Floor Leader Heo stated, "The bill was introduced in accordance with the memorandum of understanding (MOU) between Korea and the United States," and added, "Accordingly, the intent to retroactively apply the effective date of the tariff reduction to November 1 will be published in the U.S. Federal Register."
He also said, "We agree on the need for whole-of-government participation and budgetary and legal support, including the establishment of a government-wide task force for the construction of nuclear-powered submarines as agreed between Korea and the United States. We will actively support these efforts to respond to the rapidly changing security environment and to strengthen our national security."
The APEC Follow-up Support Committee includes Floor Leader Kim Byungkee as chair, Senior Deputy Floor Leader Heo Young as secretary, Assemblyman Jung Taeho, secretary of the Strategy and Finance Committee, and Assemblyman Kim Youngbae, secretary of the Foreign Affairs and Unification Committee. The meeting was also attended by Yoon Changryeol, Minister for Government Policy Coordination; Yeo Hankoo, Trade Minister; Park Yoonjoo, First Vice Minister of Foreign Affairs; Lee Doohee, Vice Minister of National Defense; and Lee Hyungil, First Vice Minister of Economy and Finance.
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