South Korea's parliamentary trade committee passed Thursday a two-way trade pact with the European Union, clearing a hurdle for the bill's ratification, local media reported.

Members of the committee on foreign and trade affairs approved the trade bill 17-2, with six abstentions, according to reports.

The ratification motion, submitted to the parliament in October, has met with opposition from minor parties here for concerns that it would harm the country's hog and dairy industries hit hard by the outbreaks of foot-and-mouth disease.

The European parliament, on the other hand, endorsed in February what it said was "the most ambitious trade agreement the EU has ever negotiated."

The pact is expected to eliminate about 98 percent of import duties and other trade barriers in manufactured goods, agricultural products and services over the next five years.

South Korea projects the bilateral pact will help its gross domestic product to grow 5.6 percent and create 250,000 new jobs, along with average annual trade surplus of 360 million dollars over the next 15 years.

April 28^th, 2011

Source: Xinhua News

• USTR Makes Findings and Proposes Action in 60 Section 301 Investigations Relating to Failures to Take Action on Trade in Forced Labor Goods
• [VCCI] The US officially initiates a Section 301 Investigation into Vietnam on Intellectual property
• General Secretary and President To Lam's working visit to three ASEAN countries: Demonstrating the stature of proactive and constructive diplomacy.
• Viet Nam accelerates innovation drive as skilled workforce becomes key to science and technology growth
• The US is increasing controls on AI chip exports