The ruling and opposition parties have agreed to form a special committee to discuss the Special Act on the Management of Strategic Investment between South Korea and the United States.

Ruling Democratic Party floor leader Han Byung-do and main opposition People Power Party(PPP) floor leader Song Eon-seog said they reached the agreement during a meeting at the National Assembly on Wednesday.

Song said the agreement means the PPP will not be pushing for parliamentary ratification of South Korea’s tariff agreement with the United States, inked as a memorandum of understanding.

PPP senior deputy floor leader Yoo Sang-bum said the party decided to change its stance for the sake of the national interest. 

He said the nation will ultimately suffer if the U.S. slaps tariffs of 25 percent on South Korean goods and the standoff with Washington continues. 

Steps to actualize Seoul’s U.S. investment pledges can begin once parliament approves the Special Act on the Management of Strategic Investment between South Korea and the United States.