The US House of Representatives and Senate on Wednesday approved a long-awaited free trade pact with Korea that’s expected to deliver significant benefits for the country’s fresh produce exports.The House passed the so-called ‘KORUS FTA’ (South Korea-US Free Trade Agreement) on a vote of 278-151, a sizeable margin, and it swiftly gained the Senate seal of approval later on Wednesday evening.
How soon the deal will take effect is a moot point, as the FTA must now pass Korean parliament, which does not look like being a smooth process. Some Korean officials believe this could happen in time for the agreement to take effect as early as January, but that appears to be an optimistic assessment.
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