South Korea's parliament ratified a free trade agreement with the European Union late Wednesday in a one-sided vote pushed through by the ruling party against opposition wishes. The approval with overwhelming support by lawmakers from the ruling Grand National Party paves the way for the tariff-slashing accord to take effect this year. EU lawmakers approved it earlier this year.
A total of 169 National Assembly members were present and 163 voted in favour of the agreement. One lawmaker voted against it while five abstained. The assembly has 299 members. The main opposition Democratic Party boycotted the vote in a dispute about providing safeguards for farmers and small retailers, Yonhap news agency reported. The deal brings together increasingly affluent South Korea, Asia's fourth-largest economy, with the 27-member EU. Trade between the two sides totalled $92.2 billion last year, a gain of 17 percent from the year before. South Korea and the EU signed their agreement in October of last year and EU lawmakers approved it by a wide margin in February. Both sides have said they want it to take effect in July.
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