The ruling and opposition parties on Feb. 9 at an extraordinary session of the National Assembly agree to form a special committee on legislation to implement the nation's investment pledges to the U.S. (Yonhap News)

By Yoo Yeon Gyeong

The National Assembly has formed a special committee to discuss legislation on carrying out the nation's investment pledges to the U.S., a follow-up measure to bilateral tariff negotiations.

The legislature on Feb. 9 passed a motion on the committee with 160 in favor, three opposed and one abstention among the 164 attending representatives. The body will comprise 16 lawmakers: eight from the ruling Democratic Party of Korea, seven from the main opposition People Power Party and one from a non-negotiating group.

The committee will screen related legislation to implement a memorandum of understanding on Korea's strategic investment signed last year on Nov. 14 by both governments.

In earlier talks, Seoul and Washington agreed to lower mutual and automotive tariffs to 15%, with the former pledging investment of USD 350 billion (KRW 508 trillion) in the U.S. over 10 years.

The investment act is considered the legal basis for setting up a bilateral strategic investment corporation and fund to manage the proposed investment, as well as the National Assembly's guarantee for such spending in the U.S.

The law is expected to be passed under a bipartisan agreement before the committee's deadline of March 9.

dusrud21@korea.kr