Lawmakers from South Korea's ruling Democratic Party and the principal opposition People Power Party agreed on Wednesday to advance a special bill to a full parliamentary vote on March 12 that would allow large-scale investment in the United States under their bilateral accord. The decision comes as Seoul seeks to address mounting concern in Washington over delays in enacting the investment legislation.
Ruling party lawmaker Cheon Jun-ho and opposition counterpart Yoo Sang-beom reached the arrangement during talks at the National Assembly, with Cheon's office confirming the commitment to proceed without further postponement. Cheon told reporters after the meeting that the opposition had chosen to back the bill in consideration of the national interest, and that passage in a plenary session was set for March 12, according to Yonhap News Agency.
Yoo emphasized the broader international context in urging timely passage. He was quoted by Yonhap as saying that tensions following conflict between the United States and Iran increased the importance of meeting U.S. expectations and ensuring the bill moves forward on schedule. Yoo warned that if the legislative process were delayed further, "the United States could impose very strong trade retaliation."
The timing follows a January threat from U.S. President Donald Trump to raise tariffs on South Korean imports, a move he linked to delays in implementing a trade deal under which South Korea had pledged to invest $350 billion in the United States. That external pressure framed lawmakers' urgency in reconciling the bill's passage.
Within the ruling party, floor leader Han Byung-do said the party planned to seek a bipartisan accord at a special parliamentary committee by its March 9 deadline, with the intent of moving the bill to a plenary vote on March 12. The committee timetable sets an explicit path for completing the legislative steps before the scheduled vote.
The agreement between the two parties reflects a political calculation to align domestic legislative timing with international expectations and to reduce the prospect of U.S. trade measures tied to perceived delays. The coming committee discussions and the March 12 plenary session will determine whether the bill clears the parliamentary process as planned.