Thursday, April 23, 2009

Free trade deal approves with US & S. Korea


Free trade deal approves with US & S. Korea ..
An opposition lawmaker with the Democratic Party tries to stop a lawmaker of the ruling Grand National Party and committee's chairman, to approve South Korea's free trade deal with the United States ..

South Korean lawmakers approve a free trade deal with the US, signed two years ago, paving the way for the assembly to vote on the pact this month.

The ruling Grand National Party (GNP) members physically fought off opposition lawmakers, trying to stop the proceedings held on Wednesday.

However, the deal which includes more favorable provisions for US automakers and other manufacturers was finally accepted.

Based on this agreement the USD 78 billion annual bilateral trade between the two countries will increase by as much as a quarter.

Earlier reports suggested that South Korea's ruling conservative GNP and a majority of the public would support the agreement.

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