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The United States and South Korea concluded a landmark free trade agreement today, officials said, culminating 10 months of negotiations in a final week of intense haggling that just beat a key U.S. legislative deadline.
The deal, which requires approval by lawmakers in both countries, is the biggest for the United States since the North American Free Trade Agreement, which took effect in 1994.
It is the largest ever for South Korea.
South Korea and the U.S. agreed to lower trade barriers in a wide range of industrial goods and services, including financial services.
The agreement also covered sectors such as e-commerce.
Negotiations began last June in Washington amid much fanfare.
Both sides strongly advocated a deal, saying it would boost economic growth in two countries, which already do more than $75 billion in trade a year.