Rival Parties Reportedly Agree To Seek Ratification Of South Korea’s Free Trade Agreement With China
South Korea's rival parties reportedly agreed to seek to ratify the country's free trade agreement (FTA) with China on Friday. Korea Times reported on the same day that the two parties are set to hold a plenary session next week regarding the matter.
The deal was reached by the floor leaders of both the ruling Saenuri Party and the main opposition New Politics Alliance for Democracy (NPAD).
Reports have revealed that the rival parties will conduct a consultative conference together with the South Korean government as well as the foreign affairs committee of the National Assembly. The discussion on the ratification of South Korea's FTA with China will be the center of the meeting.
Saenuri floor leader Won Yoo Chul called on NPAD to cooperate with them to pass the proposal swiftly.
We need an extra 20 days after the Assembly's ratification to prepare the administrative procedures for implementation," Won says during a party meeting at the National Assembly. "The parties should step up efforts to put the deal into effect this year."
Yonhap News Agency forecasted Friday that the rival parties have reached an agreement to hold the main plenary session on Monday to talk about the ratification.
Further reports have revealed that the ruling Saenuri Party wants the ratification of FTA with China on the same day. It also said that related bills should be put into practice before the year ends to obtain the benefits from the tariff cut.
On the other hand, social-liberal party NPAD said it is compulsory to take auxiliary measures to sustain industries that will be affected by the agreement before the ratification, including the agricultural sector.
Meanwhile, South Korean President Park Geun Hye reportedly said that there will be a potential loss of 4 billion dollars if the FTA with China will not be ratified this year.
"We sincerely hope the Assembly will ratify the accord Monday, so it can benefit the livelihood of people and the economy," says presidential spokesman Jung Youn Kuk.