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South Korea: MPs endorse China pact

THE parliament in Seoul approved a free trade pact with China yesterday after opposition MPs won a financial relief package for farmers.

The ratification, five months after the trade pact was signed, paves the way for the deal with South Korea’s largest export market to take effect this year.

MPs passed the deal after agreeing to spend 1.6 trillion won (£918 million) in the next decade on tax breaks and other aid for farmers and fishermen.

Agriculture and fisheries industries feared greater competition from less expensive Chinese imports.

The deal will eventually remove tariffs from more than 90 per cent of goods, with the exception of cars and rice.

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