Rival parties tentatively agree to ratify FTA with China

South Korea's rival parties tentatively agreed Monday to pass the country's free trade deal with China through the parliament, their floor leaders said.

The floor leaders of the ruling Saenuri Party and the main opposition New Politics Alliance for Democracy said they agreed during an overnight meeting to convene two parliamentary sessions in a row as planned later in the day to ratify the pact.

"The rival parties have agreed on the schedule, meaning both will tentatively seek the ratification," Won Yoo-cheol, floor leader of the Saenuri, told reporters following the meeting.

The free trade agreement with China was signed on June 1 and is now awaiting parliamentary approval in both countries. In South Korea, however, little progress has been made so far due to differences between the ruling and opposition parties.

The parties will first hold meetings of a consultative body involving the rival political parties and government, as well as the National Assembly's foreign affairs committee and the full floor session to discuss the ratification motion, they said.

The Saenuri wants to ratify the FTA by that date, saying related bills should be implemented by the end of the year to reap benefits from the tariff cut.

The NPAD, however, maintains that it is necessary to take supplementary measures to support industries that will suffer from the agreement, such as the agricultural sector, prior to the ratification.

Floor leaders said they have agreed on some contentious issues but will not disclose details until later in the day.

President Park Geun-hye has repeatedly pressed lawmakers to ratify a series of free trade deals -- inked with China, New Zealand and Vietnam -- to ensure they go into effect by the end of the year.

The bilateral FTA with Vietnam was signed in May and the Korea-New Zealand FTA in late March.

South Korea has clinched a series of FTAs with major trading partners, including the U.S., in recent years as part of its efforts to boost growth in the country's export-driven economy.

South Korea's exports represent around 50 percent of its gross domestic product. (Yonhap)