South Korea's parliament has approved of a free-trade pact with China, paving the way for a closer link with its biggest trading partner. The deal could make 85 percent of South Korean exports to China tax-free.

The ratification bill on the China-South Korea free trade accord was passed through the National Assembly by a majority of 196 to 33 with 36 abstentions in Seoul, South Korea, Nov. 30, 2015. South Korea's parliament on Monday ratified its free trade agreement (FTA) with China during the plenary session. [Xinhua]

The deal could give a boost to South Korea's exports, the backbone of the country's economy. Facing a sluggish global recovery and tangible benefits, the ruling party said the deal should be a no brainer.

"The free trade agreement is a win-win pact between China and South Korea. Last year South Korea's exports to China was 145 billion US dollars, most of which were taxed duties. If the trade deal takes effect within the year, we would enjoy a large sum of tax deduction," Saenurt part member said.

South Korea's exports shrank almost 16 percent in October, the fourth consecutive monthly decline, and the heaviest drop in six years. The continued drag has given more weight in passing the bill sooner. Businesses welcomed the deal, saying it would give them more breathing room during a mild global recovery.

"Right now taxation on our exports to China is 10 to 20 percent, which is extremely burdensome. If we could get rid of the barriers, then both our sales and profits would rise," South Korea exporter said.

The two governments reached an agreement in June. Since then, Seoul has argued for a timely legislative process to finally ink the deal.

The government even put out a promotion to raise awareness of the free trade agreement among the public. And it seemed the efforts had paid off.

"I am happy to see that the national assembly passed this deal, for the interest of common people," Seoul resident said.

"I feel happy that in the future we can buy more Chinese food in South Korea and in greater variety," Seoul resident said.

The pact would cover 85 percent of South Korea's exports to China, its biggest trading partner.

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