South Korea, China sign free trade agreement
South Korean lawmakers approve a free trade agreement with China to expand relations with their country's biggest trade partner despite protests by farmers.
Government said the deal would create about 54,000 jobs over the next 10 years and bring other economic benefits to the country.
South Korea is one of the few countries that runs a surplus with China to the tune of $55.2 billion, with bilateral trade standing at more than $290 billion a year.
Nevertheless, the Seoul government faced fierce opposition and angry protests from farmers who say the deal would hurt agriculture and fisheries.
In a bid to appease opponents, the government submitted to a $1.4 billion relief package in tax breaks and other aid to farmers and fishermen. It also let rice and autos remain under protection.
The parliament's approval with a 196-33 majority came three years after negotiations began on the pact and six months after the two countries signed it.
The agreement is expected to take effect in early 2016 because it still needs China's ratification.
When approved, it will remove tariffs on more than 90% of goods, including on $42 billion of South Korea's imports from China and on $73 billion in South Korean exports to China.
China is South Korea’s biggest export market thanks to sales of smartphones, flat screen TVs, and semiconductors. Seoul hopes the pact will boost its exports which saw the biggest drop in six years in October after sinking 16% from over a year earlier.
On Monday, South Korean parliament also approved free trade agreements with New Zealand and Vietnam.
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