President Lee Myung-bak and his U.S. counterpart Barack Obama celebrated the implementation of the bilateral free trade pact on Thursday, saying it would further deepen their alliance and promote global free trade.

The two leaders held a 10-minute telephone conference in the morning as the pact, signed in 2007 and revised in 2010, took effect as of midnight Wednesday here. Its effectuation came as left-wing activists and politicians remain opposed to it, arguing that it largely favors U.S. interests.

“(I) expect the effectuation of the Korea-U.S. FTA to contribute to developing both economies and strengthening bilateral ties. I highly evaluate President Obama’s efforts (for the deal),” Lee was quoted by his spokesperson Park Jeong-ha as saying during the talks.

“The KORUS FTA is an agreement, which is high-level (in terms of its content and depth) and will become a good model for the world’s free trade.”

President Obama also expressed his appreciation for Lee’s efforts in wrapping up the deal, underscoring that it was crucial for the bilateral alliance, which has spanned more than six decades, according to Park.

Obama also expressed his expectations that the two leaders will have in-depth discussions over regional security issues, including those concerning North Korea, and how to tackle threats of nuclear terror at the Nuclear Security Summit.

Obama is to attend the premier forum on nuclear security, safety and safeguards, slated to be held in Seoul from March 26-27.

During his visit here, Obama is expected to visit the demilitarized zone that separates the two Koreas apparently in a show of U.S. commitment to protecting the security of its key Asian ally.

The Seoul government has said that the pact with Washington will create jobs, boost exports, facilitate the country’s economic advancement and further deepen bilateral ties.

But opponents maintain that the balance of interest in the deal, revised in 2010, has swung in favor of the U.S. The main opposition Democratic United Party and the far-left Unified Progressive Party have recently forged a policy alliance, which is expected to intensify their opposition to the trade pact.

By Song Sang-ho (sshluck@heraldcorp.com)