-(으)ㄴ/는 바 means "the fact that" or "what..." - formal nominalizer.
Formal reference - 아는 바와 같이 (as you know / as is known)
Official statements - 발표한 바 있다 (have announced)
Written formality - Documents and formal speech
Very formal/official
Common in news, documents
바 = thing/fact
As previously stated, we will proceed.
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