South Korea agreed to invest a total of US$350 billion in strategic industries in the US in return. (EPA Images pic)
SEOUL: South Korea’s ruling Democratic Party will propose a bill this week that would facilitate the country’s investment in the US under a deal that cuts tariffs on the country’s exports, financial news service Money Today reported today.
The Democratic Party agreed with the South Korean government to introduce the bill on Nov 26, it reported.
No further details were immediately available.
The two countries announced on Nov 14 the details of implementing the deal reached by their presidents in late October that would lower US import duties on South Korean goods from 25% to 15%.
South Korea agreed to invest a total of US$350 billion in strategic industries in the US in return.
The US tariff cut goes into effect retroactively on the first of the month in which a bill is introduced to the South Korean parliament to structure the investment, the country’s industry minister Kim Jung-kwan has said.
