Political and business leaders have agreed on the need to ratify a free trade agreement (FTA) between South Korea and China, but differ on details of the deal.
     
In a parliamentary meeting with business leaders on Thursday, ruling Saenuri Party Floor Leader Won Yoo-chul pledged to have the trade pact ratified within this year, saying that export opportunities worth four billion won would vanish daily if the ratification is delayed.
    
Main opposition New Politics Alliance for Democracy (NPAD) Floor Leader Lee Jong-kul said his party doesn't oppose ratifying the FTA, but expressed concern over whether the government has devised sufficient solutions to problems that could possibly arise from signing the trade treaty.
 
Lee added that his party will work to supplement shortcomings of the trade deal, such as insufficient measures against illegal fishing by Chinese boats in the Yellow Sea.
     
Korea International Trade Association Chairman Kim In-ho stressed that in order to further expand South Korean companies’ access to the Chinese market, it is necessary to ratify and bring the trade deal to effect by the year’s end.