(2nd LD) Rival parties seek to ratify FTA with China

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SEOUL, Nov. 27 (Yonhap) -- The rival parties said Friday that they have agreed to try to ratify South Korea's free trade deal with China during a plenary parliamentary session next week.

Floor leaders of the ruling Saenuri Party and the main opposition New Politics Alliance for Democracy (NPAD) said they agreed to hold the parliamentary session on Monday to discuss the ratification.

The National Assembly had planned to hold the session on Friday, but it was postponed due to the rival parties' disagreement on some issues.

"It is very regrettable that the main parliamentary session scheduled for today was canceled," presidential spokesman Jeong Yeon-guk told Yonhap News Agency, expressing hope that the parliament would ratify the agreement on Monday.

President Park Geun-hye has repeatedly pressed lawmakers to ratify a series of free trade deals -- inked with China, New Zealand and Vietnam -- to ensure they go into effect by the end of this year.

The parliamentary endorsement of the free trade deal with China is Park's top priority, a presidential official said.

The Free Trade Agreement (FTA) with China was signed on June 1 and is now awaiting parliamentary approval in both countries. In South Korea, however, little progress has been made so far due to differences between the ruling and opposition parties.

Also on Monday the parties will hold meetings of a consultative body involving the rival political parties, government and National Assembly's foreign affairs committee to discuss the ratification motion, they said.

The Saenuri wants to ratify the FTA by that date, saying related bills should be implemented by the end of the year to reap benefits from the tariff cut.

"The main parliamentary session on Nov. 30 is the deadline," Won Yoo-cheol, floor leader of the Saenuri Party, said during a meeting of senior party members, adding that the rival parties should put the livelihoods of the people first.

The NPAD, however, maintains that it is necessary to take supplementary measures to support industries that will suffer from the agreement, such as the agricultural sector, prior to the ratification.

National Assembly Speaker Chung Ui-hwa also urged rival parties to ratify the FTA with China on Monday, saying it an urgent matter that is directly related to national interest.

"Leaders of the two countries have promised to handle the free trade deal by November, which I also promised to Chinese Premier Li Keqiang during his visit to the National Assembly," said Chung.

The ruling party has decided to unilaterally ratify the free trade deal, if no bipartisan agreement is reached in ratifying the deal.

More than half of the 294 lawmakers need to be present at the parliament to put the motion to a vote. Of the minimum 148, a majority of approval votes, which is at least 75, is needed to endorse the motion.

The ruling party commands a parliamentary majority with 157 seats while the main opposition party has 127 seats.

The bilateral FTA with Vietnam was signed in May with the Korea-New Zealand FTA signed in late March.

South Korea has clinched a series of free trade agreements with major trading partners, including the U.S., in recent years as part of its efforts to boost growth in the country's export-driven economy.

South Korea's exports represent around 50 percent of its gross domestic product.

khj@yna.co.kr
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