Business organizations on Tuesday hailed the parliamentary ratification of the Korea-U.S. free trade agreement as a major turning point in Korea’s economy and history of trade.

Welcoming the FTA passage on behalf of some 70,000 exporters and importers, the Korea International Trade Association said the trade deal will “greatly help Korean businesses predominate the U.S. market and make Korean products more cost-competitive.”

“(The FTA) will have a positive impact on creating jobs as exchanges between the two countries increase, and help improve household finances by stabilizing the prices of groceries,” KITA said in a statement.

The Korean Chamber of Commerce and Industry said the FTA will “build an economic highway with the U.S.” and that Korea will become “the center of free trade connecting three continents ― Europe, Asia and North America.”

Stressing that follow-up legislation for the FTA to take effect should be completed promptly, the KCCI urged the government to actively support domestic businesses’ entry into the U.S. market and come up with measures to minimize damages for some industries.

The Federation of Korean Industries said it “greatly appreciates the National Assembly’s decision” and called for efforts to make the FTA go into effect early next year.

The Korea Federation of Small and Medium Businesses said it expects small and medium manufacturers of auto parts, textiles and electronics to benefit most greatly.

“As the medical machinery, cosmetics, pharmaceuticals and service sectors will be hurt, the government should devise measures to minimize the harm,” the federation said, noting that small and medium companies’ active business in the U.S. market will benefit Korean industries in general.

By Kim So-hyun (sophie@heraldcorp.com)