Free trade agreement with South Korea clears hurdle

Goods and services trade between China and South Korea is set for a quantum leap after the much-anticipated free trade agreement between the two countries crossed a crucial legislative hurdle on Monday.

The National Assembly of South Korea gave the green light to the bilateral trade treaty with Beijing after South Korea's ruling Saenuri Party and the main opposition party New Politics Alliance for Democracy, agreed that it was necessary to take effective measures to support industries.

The green light from Seoul comes close on the heels of reports that the China-Australia FTA may be ratified by the Parliament of Australia before the end of the year, after Australian government and opposition Labor Party reached a compromise over the deal last month.