Ruling and Opposition Parties to Form 16-Member Special Committee on Special Act on Investment in the United States, People Power Party to Chair

The ruling and opposition parties have agreed to form a special committee in the National Assembly to handle the Special Act on Investment in the United States.

At the National Assembly on the 4th, the floor leaders of the ruling and opposition parties signed and released an agreement after negotiating to form a special committee for the Special Act on Investment in the United States. (From left) Yoo Sangbeom, Senior Deputy Floor Leader for Floor Operations, People Power Party; Song Eonseok, Floor Leader, People Power Party; Han Byungdo, Floor Leader, Democratic Party of Korea; Cheon Junho, Senior Deputy Floor Leader for Floor Operations, Democratic Party of Korea. Provided by Yonhap News.

Han Byungdo, Floor Leader of the Democratic Party, and Song Eonseok, Floor Leader of the People Power Party, announced the agreement to reporters after meeting at the National Assembly on the 4th.

The special committee will consist of 16 members in total, and the People Power Party will assume the chairmanship. The committee will be composed of 8 members from the Democratic Party, 7 members from the People Power Party, and 1 member from a non-negotiating group. It was also agreed that at least one member each from the Political Affairs Committee, the Strategy and Finance Committee, and the Trade, Industry, Energy, SMEs and Startups Committee will be included.

The activity period of the special committee has been set at one month.

The ruling and opposition parties plan to pass a resolution on the formation of this special committee at the plenary session of the National Assembly to be held on the 9th, in line with the schedule for the government questioning session.

The Special Act on Investment in the United States is a bill that was proposed in November last year following the signing of a memorandum of understanding (MOU) on tariff agreements between South Korea and the United States, and includes provisions such as the establishment of an investment fund to expand investment in the United States.

Meanwhile, the ruling and opposition parties have also agreed to convene a plenary session of the National Assembly on the 12th to handle mutually agreed-upon bills.