FTA between Korea and China Expected to Become Effective within This Year

The ruling and opposition parties agreed on Nov. 27 to pass the ratification bill for the Korea-China FTA by holding a general meeting on Nov.30. Still, the opposition New Politics Alliance for Democracy (NPAD) is insisting on countermeasures against the damage expected from the free trade deal.

Ruling Saenuri Party floor leader Won Yu-chul, NPAD floor leader Lee Jong-gul, Saenuri Party Policy Committee head Kim Jung-hoon and his opposition counterpart Choi Jae-chun had a breakfast with Deputy Prime Minister Choi Kyung-hwan on Nov. 27 and agreed to pass the ratification bill on the last day of this month. The Korea-China FTA is likely to be allowed to become effective within this year once the bill is passed.

Nevertheless, the opposition party is continuing to put pressure on the ruling party and the government by demanding damage control measures such as the sharing of trade benefits.

The ruling party and the government are to come up with their solutions at pre-general meeting talks scheduled for the morning of Nov. 30, during which the ratification bill is to be deliberated by the tripartite consultative body and the Foreign Affairs & Unification Committee of the National Assembly.