SEOUL, Sept. 1 (Xinhua) -- South Korean lawmakers agreed Thursday to begin the process of endorsing the bilateral trade agreement with the United States in tandem with the U.S. Congress, media reports said.

The ruling Grand National Party was expected to push the ratification bill through the parliamentary trade committee Thursday, but the last-minute agreement with the main opposition Democratic Party prevented a physical clash many foresaw.

The Democrats, claiming the two-way free trade pact is lopsided in favor of the U.S., had vowed to block the passage of the bill and insisted on renegotiations.

Washington, meanwhile, has put off the vote on the trade bill, originally signed in 2007 and supplemented last year, due to its preoccupation with the issue of raising the federal debt ceiling.

The U.S. Congress is now expected to vote on the ratification of the trade deal by October.

September 1, 2011

Source: Xinhua News

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