S. Korean President Signs Bills to Implement FTA with US

South Korean President Lee Myung-bak on Tuesday signed off on a package of bills needed to implement South Korea's free trade agreement with the United States, moving a step closer to putting the landmark pact into effect. 
The signing came a week after the trade pact and 14 related bills passed through parliament. "We have completed FTA procedures. 
The Korea-US FTA is to open up the US market, which is the biggest market in the world," Lee said during a signing ceremony. "Though prospects of the economy and exports are dim, let's take good advantage of the Korea-US FTA to overcome the situation."
Lee also called for thorough measures to minimize any damage the deal could have on local industries and stressed that the country should use the agreement as a chance to strengthen its competitiveness, according to South Korea's News Agency (Yonhap). 
Lee already signed on the trade agreement before sending it to the National Assembly for approval. The 14 related bills include revisions to copyright, patent, customs and other domestic laws to make sure they are compatible with the trade pact. The US Congress already approved the agreement during Lee's visit to Washington last month. 
Seoul and Washington hope to get the deal to take effect as of Jan. 1. The two sides are expected to start talks to work out the date and other implementation details. The agreement provides that it will go into effect on a date that the sides agree on or 60 days after the sides exchange letters stating that they have completed procedures for the implementation and it is ready to go into effect. 
Officials in Seoul have stressed that the trade deal will boost exports, create jobs and strengthen the alliance with Washington. In particular, Lee has touted free trade agreements with foreign nations as efforts to expand the country's "economic territory." But opposition parties claim it favors the US and hurts the livelihoods of ordinary people. 
Critics and anti-government activists have also held daily protest rallies in downtown Seoul, often clashing with riot police, and unfounded rumors have spread online claiming the agreement will hurt the everyday lives of South Koreans, including in ways such as a spike in prices for medical treatment.
Lee instructed the government to offer sufficient explanations to the people to clear any misunderstanding and dispel unnecessary concern about the trade accord, presidential spokesman Park Jeong-ha said.