S. Korea Ratifies EU Free Trade Deal

Law360, New York (May 4, 2011, 4:34 PM EDT) -- South Korean lawmakers reportedly signed off on a free trade agreement with the European Union on Wednesday that would eliminate almost all import duties on industrial and agricultural products within five years.

The trade deal, which is set to take effect in July, was approved by a margin of 163-1 by South Korea's 299-member National Assembly, the Yonhap News Agency reported.

The approval came after the opposition Democratic Party reneged on its promise to throw its weight behind the measure by leaving the assembly in protest,...
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