South Korea approves US trade deal

U.S. trade officials welcomed news on Tuesday that South Korea had approved the trade pact passed by Congress last month. 

South Korea lawmakers passed the agreement despite some opposition on the floor of the National Assembly that led to one lawmaker releasing tear gas during the session. 

“The United States welcomes the Korean National Assembly’s approval of the KORUS FTA,” said U.S. Trade Representative Ron Kirk in a statement.

“This is a win-win agreement that will provide significant economic and strategic benefits to both countries," he said. "We look forward to working closely with the government of Korea to bring the agreement into force as soon as possible.”

U.S. and South Korean officials have said they expect the agreement to go into effect on Jan. 1. 

The South Korea trade deal is by far the most economically meaningful of the three pacts, including Colombia and Panama, passed last month. The accord is the largest approved by Congress since the North American Free Trade Agreement with Canada and Mexico during former President Clinton’s first term.

After years of delays, Congress quickly wrapped up work last month a day before South Korean President Lee Myung-bak’s arrival in Washington, where he attended a state dinner and addressed a joint session of Congress. 

There have been protests in Korea over the deal outside the National Assembly, and opposition lawmakers remained close by in preparation to block a vote on the accord they argue favors the United States.