Free trade agreement between U.S. and South Korea goes into effect

Free trade agreement between U.S. and South Korea goes into effect

POSTED: Thursday, March 15, 2012 - 7:30am

UPDATED: Thursday, March 15, 2012 - 7:34am

A long-stalled, highly controversial free trade deal between South Korea and the United States went into effect wednesday at midnight. It took South Korean lawmakers five years to sign off on the deal, which slashes tariffs and other trade barriers on U.S. goods.

Despite going into effect, it faces lingering resistance in South Korea mainly with the country's top political party who is pledging to seek a renegotiation if it wins December's presidential election. The free trade deal is the largest since the 1994 North American Free Trade Agreement with Canada and Mexico. South Korea is the world's 12th largest economy.

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