The Korea-Chile free trade agreement is going to the National Assembly for ratification within the week.

The treaty is currently on the desk of President Roh Moo-hyun awaiting his signature.

The National Assembly is going to act on the treaty during its current extraordinary session that runs through July first.

The treaty will take effect 30 days after both countries exchange the letters of ratification.

Under the treaty, Korea will have to remove customs duties on almost all Chilean manufactured goods and some farm products within a year. Chile, on the other hand, is obliged to do away with duties on 300 items or 66 percent of the products it imports from Korea, including cars, mobile phones, computer and machines.