The agreement will boost high-tech exports by eliminating tariffs on most products, improving access for services, strengthening intellectual property protection and tackling non-tariff regulatory barriers, said William Archey, who heads tech group AeA. In 2006, U.S. high-tech exports to South Korea totaled nearly $11 billion making it the sixth largest market for those exports, AeA said.

The Recording Industry Association of America also weighed in. RIAA Executive Vice President Neil Turkewitz said that Korean copyright legislation and enforcement practices, particularly as they relate to Internet-based theft, are lacking. Korea's broadband penetration is high, which has worsened piracy problems, he said.

"We understand that this agreement will also require Korea to extend the term of protection for sound recordings and performances to 70 years. Achieving global harmonization of the term of protection is increasingly important in a world so interconnected through digital media," he said.