South Korea and the U.S. announced Tuesday that their free-trade agreement will take effect on March 15.
The decision follows continued negotiations with the U.S. over necessary preparations to be made, after the pact was approved by the U.S. Congress in October and by the South Korean parliament in November, the Ministry of Foreign Affairs and Trade said in a statement on its website.
On Nov. 22, the South Korean parliament ratified the free-trade agreement in what was seen as the last major hurdle in a negotiation process that took more than five years.Analysts forecast the pact will expand the $90 billion two-way trade relationship by 10% within five years. The deal eliminates most tariffs on goods between South Korea and the U.S.
Tuesday February 21, 2012/ Nasdaq/ United states.