South Korea's free trade deal with the United States will take effect in mid-March, the Trade Ministry said Tuesday. "South Korea and the U.S. agreed to implement the KORUS free trade agreement (FTA) starting on March 15 after completing legal procedures for the implementation," Trade Minister Bark Tae-ho told reporters.
  Bark noted that it took more than expected to complete the procedures as rules related to the trade accord contained wide- range contents, saying that there was no provision fixed during the process.
  South Korean President Lee Myung-bak completed the process to implement the contentious free trade deal last November after signing the bill of the FTA. Political think tanks here said the bilateral deal will create 350,000 new jobs and increase South Korea's gross domestic product (GDP) by 5.66 percent.

(source:xinhua)