South Korean President Lee Myung-bak plans to speak by phone with U.S. President Barack Obama on Thursday to mark the implementation of a landmark free trade agreement between the two countries, the presidential office said.

The trade pact, first signed in 2007 and modified in 2010, is set to come into force Thursday. Officials in Seoul say the deal will boost exports, create jobs and further strengthen the traditional alliance with Washington.

In a telephone conversation set for Thursday morning, Lee and Obama plan to talk about various economic benefits the trade agreement is expected to bring to both nations and discuss ways of cooperating to carry it out smoothly, the presidential office said in a statement.

The two leaders also plan to exchange views on recent developments on the Korean Peninsula while appreciating the way the allies have worked closely together to handle the nuclear standoff and other North Korea issues and discussing ways to further strengthen such cooperation, it said.

They also plan to talk about the upcoming Nuclear Security Summit, slated for March 26-27 in Seoul, and a one-on-one meeting they plan to hold on its sidelines, the office said.

(Yonhap News)