South Korea parliament returns to work on reforms

SEOUL (Reuters) - South Korea's parliament returned to work on Wednesday after the end of an opposition boycott and began processing dozens of reform bills the ruling party says are needed to steer the country through the global financial crisis.

Opposition Democratic Party lawmakers ended a sit-in on Tuesday at the main assembly chamber that they began on the day after Christmas after agreeing to vote on the reform bills and a free trade pact with the United States in coming weeks.

Several parliament committees met for the first time in three weeks on Wednesday and began reviewing bills so that the assembly could vote on them before the end of the current session on Thursday. A new session is expected to begin on Friday.

President Lee Myung-bak's ruling Grand National Party (GNP), which has a solid majority in parliament, wants to pass 85 reform measures, including sweeping tax cuts, easing restrictions on bank ownership and privatising state-run firms.

Opposition MPs had said they wanted to block economic reforms that they see benefiting big conglomerates and the rich. They also believe the U.S. trade deal will hurt farmers who will lose protection due to market-opening provisions.

The Democrats agreed to put the U.S. free trade deal to a vote after U.S. President-elect Barack Obama takes office.

(Reporting by Jack Kim; Editing by Nick Macfie)