S.K. SIGNS US TRADE DEAL
22 Nov, 2011
South Korea has agreed to the largest free-trade deal with the US since the North American Free Trade Agreement with Canada and Mexico in 1994.
South Korea’s ratification of the deal has finally occurred after several years of debate and argument. The Grand National Party voted to force through the bill 151-7, although the opposition was not entirely happy about it, with one politician setting of a tear-gas canister prior to the vote.
US Congress ratified the bill, first agreed four years ago, last month and since then, it has been made law.
The deal is expected to boost exports between Asia and the US, and is thought it will raise exports from the US to Asia by £6.5bn ($10bn). Commenting on the deal, GNP politician, Park Jun-sun told journalists: “We have decided to push the free trade deal through parliament by voting, as it is almost impossible to reach a compromise with the opposition,” according to the BBC.