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S. Korean parliament ratifies FTA with China, step toward regional integration

South Korea’s parliament has ratified its free trade agreement (FTA) with China, taking an important step toward regional economic integration.

China and South Korea signed the bilateral FTA in June after three years of negotiations.

Under the deal, the two sides will eliminate tariffs on more than 90 percent of traded goods each within 20 years after implementation.

South Korea expected the free trade accord with China to raise its real GDP by 0.96 percentage points, and create about 53,000 new jobs in the next 10 years.

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