South Korean assembly approves free trade deal with U.S.

[News_Editor]

South Korean assembly approves free trade deal with U.S.

2011-11-23 07:55:23 GMT+7 (ICT)

SEOUL, SOUTH KOREA (BNO NEWS) -- South Korea's National Assembly on Tuesday approved the U.S.-Korea free trade agreement, more than four years after the deal was initially reached.

Despite objection from opposition parties who argue for protection for local industries, South Korea's ruling Grand National Party (GNP) was able to use its majority in the National Assembly to approve the free trade agreement. GNP holds 169 of the 295 seats.

The voting saw 151 lawmakers favor the agreement, seven voting against it and 12 others abstaining. At least 148 votes in favor were required to pass the motion. The agreement could take effect as early as January 1, 2012, as South Korean officials believe the deal will boost the country's economy and strengthen bilateral relations.

The approval comes about one month after U.S. President Barack Obama signed bills to approve the deal in Washington during the official visit of South Korean President Lee Myung-bak.

Despite the approval in South Korea, the National Assembly session was filled with protesting opposition leaders on Tuesday, causing chaos. A tear gas bomb was also set off in the opposition's efforts to disrupt the legislation process.

The free trade deal was initially agreed in 2007 by former U.S. President George W. Bush and former South Korean President Roh Moo Hyun, who died in 2009. With South Korea's most recent agreement, it will have free trade deals with a total of 45 countries, including economic powers such as Singapore and India.

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