South Korea has been under final review to join the US-led Trans-Pacific Partnership (TPP), a multilateral trade pact in the Pacific region, a local daily reported on Monday.

The South Korean government decided to join the TPP, and has been reviewing the schedule and potential impact, the local newspaper Chosun Ilbo reported, citing senior government officials.

One official said that the government already notified China of such decision and asked Beijing's understanding. Seoul and Beijing wrapped up their first-stage negotiations last week for the Sino- Korea free trade agreement (FTA), setting foundations for more in- depth talks over mutual opening and liberalization.

Another official said that Seoul was reviewing to formally announce its participation in the multilateral trade deal within two months at the earliest.

The Ministry of Trade, Industry and Energy (MOTIE) denied such reports, saying the government's stance has not been decided yet. The ministry noted that Seoul was comprehensively reviewing developments of the current TPP negotiations, its impact on the South Korean economy and developments of other trade deals.

Finance Minister Hyun Oh-seok said in early July that Seoul would cautiously determine whether and when to join the TPP after reviewing other trade pacts such as the Sino-Korea FTA, the China- Japan-Korea FTA and the RCEP.

The RCEP stands for the Regional Comprehensive Economic Partnership, a multilateral FTA that will include China, Japan, South Korea, and the 10 members of the Association of Southeast Asian Nations (ASEAN) as well as India, Australia and New Zealand.

Based on the FTAs with China and the United States, South Korea aimed to play a role in linking the RCEP with the US-led TPP, which is under negotiation among the United States, Japan, Brunei, Australia, New Zealand, Singapore, Vietnam, Malaysia, Canada, Peru, Chile and Mexico.

In June, the trade ministry unveiled a new roadmap for trade policy of the Park Geun-hye administration, under which Seoul aims to become a linchpin of the regional economic integration in East Asia through a new FTA with China and the already signed deal with the United States.

Seoul signed the bilateral free trade deal with Washington, which took effect in 2012.

Source: Global Times CN

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