U.S. President Barack Obama signed the Korea-U.S. free trade agreement into law on Friday.

Obama was surrounded by business leaders, lawmakers and foreign dignitaries in the Oval Office as he signed the trade pact, which was passed in U.S. Congress nine days ago.

The trade pact must now be ratified by the National Assembly in South Korea for it to go into effect. If passed in South Korean parliament, the two countries would have to exchange letters confirming the completion of domestic procedures to put the FTA into effect.

The trade deal will go into effect 60 days after the exchange of the confirmation letters or on a specific day agreed upon by South Korea and the U.S.

Obama also signed free trade agreements with Panama and Colombia and the renewal of the Trade Adjustment Assistance program for American workers.