South Korean lawmakers ratified a free-trade agreement with the European Union, the first major step in bringing to force a several-year-old strategy to pull the country's economy out of its outdated ways of protecting local industries.
South Korea is also on the verge of sealing a similar agreement with the U.S., a step that's likely to occur in coming months if the pact wins approval in the U.S. Congress.
Since 2005, South Korea's government has been pursuing more liberalized trade agreements with its major partners in hopes of winning more business for its exporters in other markets and lowering the costs of products and services at home.
For more: South Korean Lawmakers Ratify EU Trade Pact - WSJ.com
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