Daily ChosunIlbo, Korea
Parliament Ratifies FTA with Singapore
2 December 2005
Korea’s National Assembly has overwhelmingly ratified a free trade agreement with Singapore. The vote was 220:5 in favor with three abstentions.
The Foreign Affairs and Trade Ministry said the agreement calls for Korea to remove tariffs on about 90 percent of its 10,000 trade items with Singapore within 10 years. In return, once the deal goes into effect, Singapore will lift tariffs on all trade items with Korea. The agreement is scheduled come into force in March following further government coordination.
The accord initiated in August last year is Korea’s second FTA after a pact with Chile.