A mí me parece bien.

English Translation

Sounds good to me.

Is the “A mi” for emphasis only or is it required to be there for the sentence to be grammatically correct? Would “Me parece bien” also be correct?

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English Translation

Sounds good to me.

Yes, “A mi” is only used for emphasis. “Me parece bien” is also correct and natural. You can also say:
A ti te gusta el té → You like tea
A él le interesa la música → He is interested in music
Same pattern: prepositional phrase + pronoun

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