National Assembly Committee Approves US FTA

South Korea's parliamentary committee Wednesday passed a bill to ratify the government's free trade agreement with the United States, sending it to a plenary session for final approval, according to Yonhap News Agency.

The endorsement by the National Assembly's Foreign Affairs, Trade and Unification Committee came amid protests from opposition lawmakers who claim that the move is premature and that Seoul should wait until Washington becomes more favorable toward the agreement.

Seoul and Washington signed the free trade deal in June 2007, but its ratification has been delayed by opposition in both countries. It must be ratified by legislative bodies of both countries to take effect.

The FTA will knock down tariff and non-tariff barriers between the two economies whose two-way trade reached $84.7 billion in 2008, according to the Korea International Trade Association.