TOKYO (Sputnik) — The South Korean parliament ratified on Monday a free trade agreement with China, local media reported.
On June 1, China and South Korea signed a deal on creating a free trade area to ease trade regulations and enhance economic development in the region.
The agreement was supported by 196 votes, with 33 lawmakers against the deal, The Korea Times English-speaking newspaper reported.
Under the agreement, Seoul would eliminate import tariffs for 79 percent of goods from China within 10 years, while Beijing will do the same for 71 percent of imported Korean products.
According to the Chinese Ministry of Commerce, the volume of trade between the two states reached some $290 billion, while two-way investment amounted to some $60 billion in 2014. China is the largest trade partner for South Korea, while Seoul is among major Beijing's partners.
