President Moon Jae-in and U.S. President Donald Trump released a joint statement Tuesday hailing a revised South Korea-U.S. free trade agreement(FTA) as substantial evidence of the two countries' solid ties.

The deal was signed earlier by South Korea’s Trade Minister Kim Hyung-chong and U.S. Trade Representative Robert Lighthizer. 

Kim and Trump say the accord reaffirms the two countries' firm alliance and pledged to swiftly put it into effect. 

The revised trade deal includes a 20-year extension of the 25 percent tariff on Korean-made pickup trucks and the addition of clauses to prevent potential abuse of the investor-state dispute settlement system.