Negative-index refraction is achieved in a lamellar composite with epsilon-negative (ENG) and mu-negative (MNG) materials stacked alternatively. Based on the effective medium approximation, simultaneously negative effective permittivity and permeability of such a lamellar composite are obtained theoretically and further proven by full-wave simulations. Consequently, the famous left-handed metamaterial comprising split ring resonators and wires is interpreted as an analogy of such an ENG-MNG lamellar composite. In addition, beyond the effective medium approximation, the propagating field squeezed near the ENG/MNG interface is demonstrated to be left-handed surface waves with backward phase velocity.