09:24 | 06/06/2015 Cooperation
The Government of the Republic of Korea (RoK) asked the National Assembly on June 4 to ratify a recently signed free trade agreement (FTA) with Vietnam. .
Vietnamese Minister of Industry and Trade Vu Huy Hoang (R) and RoK Minister of Industry, Trade and Energy Yoon Sang-jick sign the FTA on May 5 (Photo: Vietnamese Ministry of Industry and Trade)
Bills on the ratification of FTAs with China and New Zealand were also submitted to the parliament.
The RoK Ministry of Industry, Trade and Energy said the Government will do its utmost to enact the three trade pacts before the end of the year to reap their benefits as soon as possible.
According to a Government study, its FTA with Vietnam is expected to help boost the RoK's gross domestic product (GDP) by 0.01 percent over the first decade following its implementation.
In comparison, estimated GDP gains of 0.96 percent and 0.03 percent are expected from the deals with China and New Zealand, respectively./.