Kim Byung-gi: “Will Amend to Benefit the Nation”
People Power Party Demands Parliamentary Ratification… Clash Expected The Democratic Party of Korea plans to propose the “Special Law for U.S. Investment” this week as a follow-up measure to the Korea-U.S. customs agreement. Once the bill is proposed, the current 25% automobile tariff will be retroactively applied as 15% starting from October 1.
Kim Byung-gi, the Democratic Party’s floor leader, said at the policy meeting on the morning of the 25th, “We will propose the Special Law for U.S. Investment this week, but we will carefully review and amend it to ensure it provides practical help to the national economy and meets field demands.” In the afternoon, Kim held the first meeting of the ‘APEC Summit Achievement Expansion and Korea-U.S. Customs Agreement Follow-up Support Committee’ to discuss the special law. The special law is expected to include the basis for creating a special fund for U.S. investment and its operating entities.
A Democratic Party official stated, “Floor Leader Kim, who is the chair of the committee, will propose the special law before the 28th.”
Kim emphasized, “In the meeting, we will discuss a comprehensive governmental cooperation system involving major standing committees and related ministries to implement practical follow-up measures.” He added, “It is now crucial to expand the achievements and ensure that the public and businesses can experience them on the ground.” He further stated, “We will actively pursue regulatory improvements that support business activities and provide industry-specific support, while meticulously addressing complementary measures for major sectors like steel and petrochemicals.”
However, the People Power Party is calling for parliamentary ratification instead of the special law, which is likely to lead to friction. The Democratic Party maintains that the customs agreement is a memorandum of understanding (MOU), not a treaty, and therefore does not require parliamentary ratification.
Kim reiterated his stance to process the next year’s budget by the legal deadline of December 2. He emphasized, “There can be no division between the ruling and opposition parties concerning budgets and laws for people’s livelihood and the future,” and pledged to handle the budget and people’s livelihood legislation according to schedule. He criticized the People Power Party for their “indiscriminate and irresponsible proposals to cut necessary budgets,” stating, “Budgets aimed at revitalizing local economies, supporting small businesses and young people, and creating a foundation for future industries cannot be compromised.”