South Korea's leading business organizations are pressing the National Assembly to expedite passage of legislation governing strategic investments in the United States as the special committee's deadline approaches.
The Korea Economic Association, Korea Chamber of Commerce and Industry, Korea Employers Federation, Korea International Trade Association, Korea Federation of SMEs, and Korea Association of Medium Business issued an urgent appeal on Tuesday.
"Legislative delays could weaken our negotiating position with the United States and undermine industrial competitiveness," the six organizations stated, calling for swift passage of the Special Act on Korea-US Strategic Investment Management.
The business groups noted that trade uncertainty has increased following the US Supreme Court's recent ruling that found violations of the International Emergency Economic Powers Act (IEEPA).
They warned that the US administration may use alternative legal measures to maintain existing tariff policies or impose selective tariffs on specific countries and products.
The organizations expressed particular concern that exports of key domestic industries—including semiconductors, automobiles, and pharmaceuticals—could be directly affected. For automobiles, with high tariff increases already under discussion, any legislative delay that weakens Korea's negotiating leverage would have inevitable ripple effects across the industry, they noted.
"The longer the passage of this bill is delayed, the weaker our negotiating position becomes, and the harder it will be to realize the benefits of Korea-US economic cooperation," the six groups said. "We urge the National Assembly to pass the bill before the special committee's mandate expires."
The National Assembly established the special committee on June 4, setting a deadline of June 9. However, ongoing political conflicts between ruling and opposition parties have stalled discussions.