SEOUL, July 5 (Yonhap) - South Korea might join the US-led talks for a multilateral trade agreement in the Pacific region, after a careful review of its effects, said today the Minister of Strategy and country's Finance Oh Hyun-seok.
In a meeting with members of the U.S. Chamber of Commerce (AMCHAM, according to its acronym in English) in South Korea, Hyun said the country has not yet decided whether to join the Trans-Pacific Partnership Agreement (TPP) led by U.S.
"The country will decide whether and when to stick to the TPP after carefully considering the effect it will have on the local economy, including current talks for a free trade agreement (FTA) between South Korea and China," he said.
However, the minister said the country is trying to act as a "hub" between Asian and Pacific countries, mainly U.S. and China through its network of TLC.
South Korea already has a bilateral FTA with U.S. and is trying to sign a bilateral agreement with China. Also taking part in the ongoing negotiations for the so-called Regional Comprehensive Economic Partnership (RCEP), multilateral FTA for the East Asian region, which also includes China, Japan and the ten member countries of the Association of Southeast Asian Nations.
The minister said that the FTA between Seoul and Washington, which entered into force in March 2012, has been evaluated as successful, noting that investment by U.S. firms in South Korea increased more than 110 percent year on year, 4.5 billion dollars a year, after the implementation of the trade agreement.
Also urged AMCHAM members to make more investments, saying the corporate capital is key to growth and employment.
The minister states that the government expects economic conditions to improve in the second half of the year, even when some negative external factors will continue to slowdown the economy.
