With the National Assembly also ratifying the revised Korea-U.S. free trade agreement on Friday, the deal could be implemented as early as next January.
The agreement was reached in March this year,... and signed by the respective presidents in September.
Under the revision, Seoul will double the cap on the number of vehicles each U.S. automaker can sell in South Korea to 50-thousand for cars that meet U.S. safety rules, but not necessarily Korean ones.
Washington will also extend a 25 percent tariff on Korean pickup trucks until 2041.
Other tweaks to the deal will make it...harder for foreign investors to sue the Korean government, and will increase transparency for U.S. import restrictions, such as anti-dumping and countervailing duties.