Seoul: Prime Minister Kim Min-seok stated on Tuesday that parliamentary ratification might be necessary to proceed with a US$350 billion investment in the United States, as outlined in a bilateral trade agreement established in July. This development was discussed during a parliamentary interpellation session following an inquiry from an opposition lawmaker regarding the necessity of ratification to fulfill the investment commitment, which was made in exchange for Washington’s reduction of “reciprocal” tariffs from 25 percent to 15 percent.

According to Yonhap News Agency, Kim noted the complexity of the situation, indicating that a final decision would depend on the outcome of ongoing negotiations. He emphasized that, depending on the conclusion, the approval of the National Assembly might be required. Both South Korea and the United States have been working through differences concerning the specifics of the trade agreement, particularly regarding the allocation of the investment.

Kim highlighted that even if the agreement does not explicitly mandate parliamentary ratification, he believes such steps align with constitutional provisions that recommend parliamentary consent on financial matters. Foreign Minister Cho Hyun supported this perspective when responding to a related query, stating the importance of seeking parliamentary approval if the agreement imposes any burden on the citizens. Cho mentioned that South Korea has made this stance clear to the United States.

Additionally, Kim addressed the recent detention of over 300 South Korean workers in a U.S. immigration crackdown in Georgia. He expressed regret over the incident, attributing the underlying issue to unresolved actions from the previous administration. Kim assured that efforts are underway to resolve the matter effectively.