The National Assembly Friday approved a trade agreement with India that would eliminate or reduce tariffs on over 4,400 South Korean products exported to Asia's third biggest economy, Yonhap News Agency reported Friday.
South Korea and India concluded the deal, called the Comprehensive Economic Partnership Agreement (CEPA), in early August to cut duties on such goods as auto parts and electronics and to boost cooperation between the two Asian economic powerhouses.
The bill was passed 192-0 with five abstentions at the 299-seat National Assembly.
The accord will likely take effect on Jan. 1 next year if ratified in both countries as scheduled.
CEPA, which is similar to the free trade agreement (FTA) but phases out tariffs more slowly, will lower tariffs on auto parts by 1 to 5 percent in eight years and on refrigerators and televisions by 50 percent.
The pact is expected to boost bilateral trade by as much as $3.3 billion annually, according to estimates by the state-run Korea Institute for International Economic Policy (KIEP).
Bilateral trade between South Korea and India reached $15.6 billion last year.