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US-Korea Free Trade Agreement (KORUS) Effected

The U.S.-Korea Free Trade Agreement (KORUS) came into force on Thursday, marking a historic milestone that will lead to even more trade and investments between the two countries.

U.S. Secretary of State Hillary Rodham Clinton said in a statement that KORUS would provide new market access opportunities in South Korea's dynamic trillion dollar economy for American exporters, creating jobs at home while increasing opportunities for Korean companies in the United States. She termed the agreement as "another example of the Obama Administration's commitment to deepening our economic engagement throughout the world."

Clinton said "not only will the agreement provide a significant economic boost to both of our economies, it will strengthen the U.S. partnership with a key ally in a strategically important region."

"This is a powerful signal of America's commitment to the Asia-Pacific and to securing and sustaining our role as a regional leader and Pacific power," she added.

Clinton thanked South Korean President Lee Myung-bak for his leadership on the issue, and said that Washington looked forward to both countries fully realizing the promise of the landmark agreement.

by RTTNews Staff Writer

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