Kim Jong-Hoon, South Korea's leading negotiator and US Assistant Trade Representative Wendy Cutler at a press conference on March 12, 2007 in Seoul South Korea [Image Source: SeokYong Lee-Pool/Getty Images]

Korea, US to Implement FTA in March


South Korean trade officials have announced that the long-awaited free trade agreement between the US and Korea will take effect on March 15th of this year. Initially signed in 2007 and modified in 2010, the KOR-US FTA, as it is known, was ratified by the governments of both countries in 2011.There remains some political opposition in Seoul to the agreement in its current form, though many agree that industries in both countries stand to make significant gains once the deal is implemented. The US and South Korea have long been significant trade partners in several sectors and exports to Korea already play a significant role in the US economy.