Rival Parties Agree to Ratify S. Korea-China FTA

Write : 2015-11-30 08:53:02 Update : 2015-11-30 17:12:19

Rival Parties Agree to Ratify S. Korea-China FTA

Rival parties have agreed to ratify the South Korea-China free trade agreement (FTA).
 
Floor Leaders Won Yoo-chul of the ruling Saenuri Party and Lee Jong-kul of the main opposition New Politics Alliance for Democracy (NPAD) reached the agreement Monday morning after talks that lasted through the night.
 
The ruling and opposition parties held general meetings of lawmakers on Monday and endorsed their floor leaders' agreements.

Ruling Saenuri Party Chairman Kim Moo-sung expressed hope that the latest decision will boost South Korean exports. Main opposition New Politics Alliance for Democracy Chairman Moon Jae-in said he considered the nation's high level of dependency on trade, despite the pact's unsatisfactory measures to prevent damage to Korean firms. 

The bill is pending at the current plenary session after it was passed Monday by the parliamentary foreign affairs committee.

The two parties on Monday morning decided to create over the next ten years a one-trillion won fund, around 865 million dollars, for farmers who are expected to be hurt by the FTA.

The two sides are also in agreement to pass legislation the two sides have been colliding over, including the Saenuri-backed tourism promotion bill and the NPAD’s bill aimed at protecting dairy and other product dealers from unfair suppliers.
 
They aim to pass the bills by the end of the regular parliamentary session, which ends on December 9.
 
Rival parties, however, have yet to make progress on approving the government's budget proposal for next year. 

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