South Korea and China have officially signed the bilateral free trade agreement (FTA).

South Korea’s Trade Minister Yoon Sang-jick and his Chinese counterpart Gao Hucheng signed the trade pact on Monday afternoon in Seoul, about three years after initiating negotiations on the deal.

The two countries only have legislative approvals before the FTA can take effect.

With the South Korea-China FTA, the Seoul government expects to see a zero-point-96 percent of growth in the nation’s gross domestic product (GDP) in the next ten years, along with 53-thousand new jobs.

Meanwhile, the two presidents exchanged letters in which they agreed the bilateral free trade agreement (FTA) will contribute to the economy of East Asia and the world.

Park received Xi’s letter from Trade Minister Gao.

In the letter, Xi said that the deal will lead to a new leap in bilateral trade relations and bring substantial benefits to the people of the two nations.

Park also said in her letter to Xi that the FTA will create broader opportunities and profits to companies and people of the two nations and deepen the bilateral strategic partnership.

In her meeting with the Chinese trade minister, Park proposed that South Korea and China will complete their respective domestic procedures in relation to the trade deal as soon as possible so that the people of the two nations will benefit from the effects of the FTA soon.