ISTANBUL

The South Korean parliament approved a dedicated bill on Thursday concerning Seoul’s $350 billion investment commitment to the US under a bilateral trade agreement.

The measure cleared the National Assembly in a plenary vote, gaining support from both the ruling Democratic Party (DP) and the main opposition People Power Party (PPP), according to Yonhap News.

Soon after lawmakers adopted the bill, South Korean President Lee Jae Myung said his administration would promptly take follow-up steps to implement the new law.

“I will do my best to ensure that the strategic investment contributes not only to the economic development of both South Korea and the US but also to stability of supply chains and the promotion of national security interests,” Lee wrote on US social media company X.

The legislation’s approval comes about three months after the Democratic Party introduced it in November to facilitate Seoul’s planned investments in the US.

These plans include carrying out several memorandums of understanding and creating a “strategic investment fund” tied to the $350 billion initiative.

The overall investment package allocates $150 billion to shipbuilding collaboration and another $200 billion to projects in key strategic industries.

Seoul has been pushing to speed up the bill’s passage after US President Donald Trump warned that reciprocal tariffs on Korean exports could rise again to 25% from 15% in January, citing delays in South Korea’s legislative procedures required to advance the trade arrangement.

The DP and PPP formed a special committee to expedite the legislative process and, after months of discussions, agreed to pass the bill earlier this week.