2012-3-14

Needless to say, the biggest beneficiary of the free trade deal is Korea's auto industry.

Tariffs on car parts are to be lifted immediately in both countries and by 2016, automobiles will also be free of the tariffs.

Korea's tech giants will also get a boost in their exports as tariffs on monitors and televisions will be cleared as of Thursday.

Consumers here in Korea.. will be able to purchase U.S.-made cosmetics at cheaper prices while American consumers will be able to equip their household with Korean electronics products on a smaller budget in 2022.

But most Koreans will notice the difference when buying groceries.

A 15 percent tariff on wine, 24 percent tariff on cherries and an 8 percent tariff on almondswill be lifted Thursday along with tariffs on many more basic food items.

In department stores, popular American jeans should come down in price with a 13 percent tariff lifted under the deal.

In restaurants, Koreans' favorite menu on the grill -- pork belly will drop around 25 percent to 9 dollars a kilogram by 2022.

Seasonal tariffs on Californian oranges will also be cleared dropping the price to 9 dollars for 20 oranges from the current 14 dollars.

Imported beer from the U.S. will drop by 30 percent to just 60 cents a can from the current 80 cents.

With these reductions, Korean consumers are expected to save up to 32 billion U.S. dollars over the next 10 years.

And, Korea's finance ministry said on Tuesday,… that it will form a task force exclusively committed to dealing with issues surrounding the once hotly-contested Investor-State Dispute Settlement, or ISD,… immediately after the trade deal takes effect.

The move is part of Korean government's efforts to soothe citizens' concerns over the ISD clause,… which allows U.S. investors to take arbitrations to international courts.