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S.Korea to mull participating in TPP: finance minister

Xinhua, October 6, 2015 Adjust font size:

South Korean Finance Minister Choi Kyung-hwan said Tuesday that the country will mull participating in the Trans-Pacific Partnership (TPP) "in any way" after the multilateral trade pact was reached.

"In any way, we will review toward the direction of our participation in the mega-free trade agreement (FTA)," Choi told lawmakers during the parliamentary audit of the finance ministry.

Twelve Pacific Rim nations, including the United States and Japan, struck the trade accord that will affect some 40 percent of the world economy. The U.S. hoped that the deal would help increase its influence in the Asia-Pacific region.

The TPP has been controversial as it involves rule on not only trade and economy, but other sensitive issues such as environment and monopoly rights.

In the past two years, South Korea has been talking about its participation with TPP members, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States and Vietnam.

Minister Choi said that the ministry will decide on whether and when to join the multilateral trade deal through a public hearing and other procedures. He added that the country has been contacting with TPP members. Endi