Korea's parliament has this afternoon finally ratified the Korea-China free trade agreement.
With Monday's vote, the deal passed the assembly, some six months after being submitted for ratification.
For more details, we connect with Park Ji-won at the National Assembly.
Jiwon, this has been a long time coming.
The Korea-China free trade pact passed the assembly's plenary session about an hour ago this afternoon, along with FTAs with Vietnam, and New Zealand, and a bill to create a free trade zone with Turkey, in service and investment sectors.
While the ruling Saenuri Party has been pushing the free trade agreement for the past few months, the main opposition NPAD resisted because of concerns for the nation's farming sector,.. which will be hard hit by the pact.
The liberal party earlier said they wouldn't back down until a reasonable amount of compensation was available.
But, with a marathon session of negotiations over the weekend, both parties finally agreed to create a fund worth about one billion U.S. dollars for farmers, along with other measures to compensate the agricultural sector.
So, Jiwon, now it's ratified, when will the FTA take effect in both countries?
The rival party and the government hastened the process, and say the trade deal will take effect within this year, but actually more procedures are needed from both countries, so it's not yet precisely clear when it will take effect.
With the ratification process done in the Korean Parliament,.. it needs to be approved at Cabinet level, followed by its official proclamation into law.
The Korean government will give notice to the Chinese government that domestic procedures are complete, then the State Council of China approves the agreement.
While two governments will set a start date, the Chinese government has to also promulgate the pact.
Experts say, China's domestic procedures will decide exactly when the mega trade pact comes into effect.
That's it for now,.. I will have more updates in a later newscast.,…Daniel.