SEOUL: South Korean finance minister Koo Yun-cheol said today that the government will establish a system to conduct preliminary reviews of US investment projects, before a bill tied to Seoul’s US$350 billion investment commitments is passed by parliament.
US President Donald Trump threatened in late January that tariffs on South Korean goods would be raised back to 25% from 15%, accusing Seoul of failing to legislate a trade deal agreed last year.
South Korea’s parliament voted yesterday to form a special committee to accelerate legislation tied to Seoul’s investment commitments in the US under the trade deal.
Koo said the system to conduct preliminary reviews of US investment projects is to prevent unnecessary misunderstandings between South Korea and the US.
Koo said any final decision on investment projects to be based on comprehensive review of commercial feasibility, foreign exchange market conditions.
