New York (CNN) President Donald Trump and South Korean President Moon Jae-in held a signing ceremony for a new United States-Korea trade deal following a bilateral meeting at the United Nations Monday afternoon.

"It's a very big deal," Trump said of the United States-Korea Free Trade Agreement, thanking Vice President Mike Pence, United States Trade Representative Robert Lighthizer, Treasury Secretary Steve Mnuchin and National Economic Council Director Larry Kudlow for their "tremendous work" throughout negotiations, which began in July 2017.

Trump expressed gratitude to Moon for his "dedicated efforts" to reach what he called "a historic milestone in trade."

Trump said the deal was "fair and reciprocal," and will both reduce the trade deficit and expand opportunities to export American products to South Korea, including automobiles, medicine and agricultural products.

"I think our farmers are going to be extremely happy, it was very limited as to what they could do and what they could send and now it's a open market and they're going to be sending a lot more farm products. Makes me feel very good, I love our farmers," Trump said, adding that the deal would double the cars per manufacturer that can enter the South Korean market while meeting US safety standards.

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