“The need for reporting and explanation regardless of whether it requires National Assembly ratification”
It seems that only the enactment of a special law for investment in the U.S. will be pursued… The ruling party says, “We will prioritize processing it by November.”
In a statement on the 5th, a presidential office official explained that the Korea-U.S. customs agreement MOU (Memorandum of Understanding) is considered not to have legal binding power and thus not requiring ratification by the National Assembly.
A presidential office official outlined the steps following the signing of the Korea-U.S. customs agreement MOU.
Article 60 of the Constitution states that ‘agreements that impose significant financial burdens on the state or the people, or are related to legislative affairs, require ratification.’ However, the presidential office seems to have judged that the MOU does not fall under the category of a ‘treaty.’
The presidential office stated, “Regardless of whether it requires National Assembly ratification, it is necessary to provide sufficient reporting and explanation to the National Assembly regarding the results of the customs negotiations.”
As a result, it is expected that the government will pursue only the enactment of a special law for U.S. investment without National Assembly ratification.
Kim Byung-Gi, floor leader of the Democratic Party of Korea, mentioned, “Once the fact sheet is completed, we will swiftly address the tasks that need to be done by the National Assembly” and added, “We will make sure to process the special law for U.S. investment that the government is preparing as a top priority within November.”