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We're now closing this live blog after an eventful 24 hours in South Korea.

Yesterday, the nation - and the world - was left in shock when the country's president, Yoon Suk Yeol, declared martial law, warning of a threat from "shameless pro-North Korean anti-state forces".

Politicians quickly rushed to the National Assembly in a bid to overturn the decision. 

Despite some being blocked by police, around 190 out of the 300 members of parliament managed to vote and block the martial law declaration.

Eventually, Yoon announced he would respect the parliament's vote and lift martial law. 

Today, opposition politicians put forward a motion to impeach Yoon, with the motion set to be debated before going to a vote in the coming days.

Antony Blinken says the decision of Yoon Suk Yeol to withdraw South Korea's martial law order was "welcome". 

Speaking at a NATO press conference in Brussels, the US state secretary said Korea is one of America's "closest partners".

"We're obviously watching the developments very closely. This is one of our closest partners and allies around the world," he said.

"We welcome President Yoon's statement withdrawing the martial law order. And there was a unanimous vote in the National Assembly to reject the decision. And he followed up on that.

"In our judgement, any political disagreements need to be resolved peacefully and in accordance with the rule of law."

"Korea's been an extraordinary story, an extraordinary success story" in the past few decades, he added.

Among the scenes in Seoul last night, one moment outside the National Assembly quickly went viral on social media.

Tens of millions of people have watched a clip of Ahn Gwi-ryeong, a news anchor turned politician, who was filmed grappling with a soldier during the unrest.

She is even seen grabbing the barrel of the soldier's rifle, yelling, 'Aren't you ashamed of yourselves?'"

Impeachment proceedings have begun against South Korean President Yoon Suk Yeol after his martial law declaration backfired.

But what happens next? We hear the opinion of defence and security analyst Michael Clarke, who discusses how South Korea's relationship with the US could now change.

By Sarah Taaffe-Maguire, business and economics reporter

The political turbulence in South Korea hasn't just shaken civilians and legislators but markets as well. 

Many household brands took a hit to their share price with South Korea's benchmark stock market index, the Kospi, down nearly 1.45% since its president implemented martial law on Tuesday afternoon.

Major international businesses such as Samsung Electronics, LG, Hyundai and Kia make up the index. 

They've seen their market value fall by millions. 

Samsung's share price is down 0.93% since Tuesday afternoon, LG's fell 1.5%, with Hyundai seeing a 2.56% drop since the turbulence began. 

Meanwhile, Kia's stock was up as it announced higher payments for shareholders. 

The South Korean currency, the Korean won, has recovered from yesterday's plummet but is still about 0.9% below with $1 buying 鈧�0.70621.

South Korean President Yoon Suk Yeol has lifted martial law, which he implemented hours earlier in a move that shocked MPs, the public and international allies.

In a national address, the president said: "I have accepted the decision made by the National Assembly to dissolve and lift the martial law."

MPs, including members of his own ruling party, voted to block the declaration as protesters clashed with soldiers and police after the martial law ruling.

But what is martial law, and why did the president introduce it?

Read more from our news reporter Jake Levison here...

South Korean MPs have put forward a motion to impeach president Yoon Suk Yeol over his attempt to impose martial law.

Two-thirds of the 300 members in the National Assembly will need to vote in favour of the impeachment for it to pass, before six members of the nine-seat Constitutional Court will then need to vote in its favour.

"The problem right now is there are vacancies in the Constitutional Court," says Daniel Pinkston, lecturer in international relations at Troy University.

"They don't have enough justices to hear the case. So this is getting into a kind of grey area or legal limbo. I don't know how they're going to resolve that."

If the impeachment is successful, South Korea would have to hold a new presidential action within 60 days. 

The country runs a first-past-the-post system without any run-offs, meaning a new president could be in place early next year.

Politicians from the main opposition Democratic Party - which was accused by the president of supporting "pro-North Korea forces" when he declared martial law last night - are rallying outside the National Assembly.

Party leader Lee Jae-myung organised the protest after last night's events. 

Yoon Suk Yeol's past 24 hours - which will almost certainly lose him the presidency - have "undermined all the work he's done" as leader in the past two years, says military analyst Michael Clarke.

"He was a very pro-Western, pro-American, pro-business, pro-Trumpist president and all that he was trying to do will now count for very little," Clarke says.

Asked whether the US, considered one of South Korea's strongest and biggest allies, will now fear a president replacing Yoon who is less friendly with Washington, Clarke says it is unlikely.

"South Korea's interests are far and away better served within the Western camp, even though they feel the pressure of China," he says.

"I think South Korea will always be a Western-orientated country. The idea of some sort of governmental change which really changes South Korea's identity in world politics is hard to imagine."

The past 24 hours in South Korea have been busy.

If you're just joining us, here are five bullet points that sum up what's been happening in the country:

• South Korean President Yoon Suk Yeol made the shock decision to impose martial law at around 10.30pm local time yesterday (1.30pm UK time);
• Yoon said the decision was needed to protect the country from "North Korea's communist forces", though observers saw it as a response to domestic pressure and a series of scandals;
• Less than two hours after the declaration, MPs forced their way into the National Assembly and voted to block it at around 1am local time (4pm UK time), with protesters and soldiers clashing outside;
• This eventually led to Yoon announcing during the night that he was reversing his decision;
• South Korean MPs have now begun impeachment proceedings against the president, who could be removed from office if the motion is successful.