Fellow Koreans,
 

The trade ministers of Korea and the United States announced yesterday that they have, after intensive discussions, reached the deal necessary for the Korea-US Free Trade Agreement to be ratified. The FTA was signed on June 30, 2007, but its ratification has been delayed for more than three years. On the other hand, the arrangement concluded at this time will pave the way for the Korea-US FTA to officially take effect.
 

The accord is significant because it lays the groundwork for a “win-win” relationship by reflecting the national interests of Korea and the United States in a balanced manner. This result was made possible because both sides worked hard to find acceptable alternatives that would allow for the ratification and effectuation of the FTA.
 

The Korea-US FTA will certainly bring enormous economic benefits to both our countries. On top of this, it will serve as a catalyst for the Korea-US alliance to take a step forward. Once the Korea-US FTA comes into effect, Korea will become the only country that has free trade agreements with all three of the world’s largest economic blocs—the United States, European Union and ASEAN. The Korea-US FTA will also be instrumental in boosting Korean exports significantly, and the Korean economy will have an opportunity for yet another growth surge.
 

I hope the legislatures of our two countries will be able to ratify the agreement as promptly as possible, building on the deal reached this time, so that the long-delayed Korea-US FTA will finally come to successful fruition. Thank you.