POSTED: Thursday, March 8, 2012 - 9:30am
UPDATED: Thursday, March 8, 2012 - 9:34am
NBC News — South Korea's Trade Minister met members of the American Chamber of Commerce thursday in Seoul. A trade deal between the U.S. and South Korea will come into effect in about a week. The South Korean Trade Minister Bark Tae-Ho said, given the current Eurozone crisis, the timing "couldn't be better." The accord will be the United States' biggest free trade agreement since the North American Free Trade Agreement in 1994.
It was signed in July of 2007 and approved by congress in October of last year. South Korea's parliament approved it in November. Minister Tao-Ho said it would improve the country's competitiveness in the U.S. market. South Korea and China are also in negotiations to sign their own free trade agreement.