(VOVworld) – The National Assembly of the Republic of Korea (RoK) ratified its free trade agreement (FTA) with Vietnam on Monday.

Vietnam will remove import tariffs on nearly 90% of goods hailing from the RoK within 15 years since the pact’s enforcement (photo:VNA)

Under the FTA signed in Hanoi in May 2015, Vietnam will remove import tariffs on nearly 90% of goods hailing from the RoK within 15 years since the pact’s enforcement. Meanwhile, the RoK will eliminate import tariffs on 95.4% of imported Vietnamese products. The RoK is committed to reducing tariff lines to create more opportunities for Vietnam’s staple agro-fishery exports such as shrimp, fish and fruits, along with industrial products like textile and garments, wood and mechanical products.

Meanwhile, Vietnam will cut down on most of tariff lines on apparel materials, footwear, leather, engine, automobile components and spare parts, plastic materials, and machinery imported from the RoK.

Also on Monday, the RoK National Assembly ratified its FTAs with New Zealand and China. RoK President’s spokesperson Jeong Yeon-guk expressed hope that his country’s legislature will accelerate following measures to ensure the FTAs become effective within this year.