A parliamentary committee on Tuesday decided to put off its discussions on a ratification motion for South Korea's free trade agreement (FTA) with the European Union until April, chief committee members said, as opposition members called for
a full examination of the deal's possible impact on the domestic economy.
The decision was made in a subpanel meeting of the National Assembly Committee on Foreign Affairs, Trade and Unification, Rep. Yoo
Ki-june of the ruling Grand National Party (GNP) told Yonhap News Agency by phone.
"We agreed with the opposition to discuss the South Korea-EU FTA in the April extra legislative session, not this month's session," Yoo said.
Kim Dong-cheol, a key committee member from the main opposition Democratic Party (DP), said the parties will decide whether to ratify the motion or not after having discussions on it.
South Korea and the EU signed the agreement last October, agreeing to put it into force on July 1. The European Parliament approved the
FTA on Feb. 17, bringing it one step closer to coming into force this July.
The deal is currently pending at the South Korean legislative committee for approval. The government restarted the ratification process to fix minor translation errors discovered by some opposition lawmakers in the Korean-language version of the agreement.
The committee decided to have the foreign ministry thoroughly review the text and correct any additional translation errors, as
demanded by opposition parties, according to Yoo.
Prime Minister Kim Hwang-sik called for an early parliamentary ratification of the deal.
"I hope you will pass a ratification motion for the South Korea-EU FTA as early as possible since more than 70 percent of South Koreans
support the deal," Kim was quoted by his aides during his first luncheon meeting with ruling and opposition members of the parliamentary committee.
The agreement, if effectuated, will eliminate 98 percent of import duties and other trade barriers in manufactured goods, agricultural products and services between South Korea and the EU within the next five years.