U.S. political and business sectors are hailing South Korea and the U.S.’s agreement to put a long-delayed bilateral free trade agreement into effect on March 15th.

Chairman of the U.S. House Committee on Ways and Means, Dave Camp, said Tuesday that the effectuation of the trade pact is good news for job creation in the U.S. He said the U.S. must exert all possible efforts to promote economic recovery and create jobs amid difficult economic conditions.

U.S. Chamber of Commerce President and CEO Thomas Dononhue said the business sector pays tribute to the negotiators who worked on getting the trade deal to this stage. He said the agreement would contribute to creating jobs in the U.S. and raising competitiveness.

The U.S. National Association of Manufacturers also said the effectuation of the South Korea-U.S. free trade accord is significant as it come after the South Korea-EU FTA went into effect last year. The association added that American manufacturers must actively consider exporting to South Korea’s dynamic market.