A bipartisan bill was introduced in the U.S. Congress aimed at exempting allied and partner nations, such as South Korea and Japan, from maritime duties and regulations, as Washington seeks cooperation with South Korea in restoring America's shipbuilding industry.

Democrat Congressman Ed Case and Republican Congressman Jim Moylan introduced the Merchant Marine Allies Partnership Act on August 1, which is designed to supplement loopholes in the Merchant Marine Act of 1920, better known as the Jones Act.

The Jones Act currently restricts domestic shipping to vessels that are U.S.-built, U.S.-flagged, U.S.-owned and U.S.-crewed for national security, but it is assessed to be outdated and to have undermined the competitiveness of the American industry.

The proposed Act exempts vessels purchased from allied nations from being subject to restrictions under the Jones Act, as well as the current 50-percent import duty on major vessel modifications, as long as the work is done in shipyards in allied or partner countries.

The legislation also establishes a regulated pathway for foreign-built, foreign-crewed vessels run by companies from allied nations to operate along the U.S. coast.

Should the Act pass Congress, it is expected to accelerate the Seoul-proposed "Make American Shipbuilding Great Again" project between the two countries.