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South Korean President Park Geun Hye said her nation will seek to join the Trans-Pacific Partnership trade talks and wants progress toward a commercial deal with China this year, as an appreciating won threatens exports.
“We also hope to be able to smoothly move forward with our consultations with the TPP members so we can actually realize Korea’s formal participation in the TPP,” Park, 61, said in an interview at the presidential office known as the Blue House in Seoul yesterday. “This year we plan to work to make substantial progress in negotiating free-trade agreements with China, Indonesia and Vietnam.”
Park’s government for months has been considering whether to join the U.S.-led TPP negotiations, which encompass 12 nations from Singapore to Chile. Expanded export opportunities would benefit South Korean manufacturers as they confront exchange-rate appreciation that has seen the won reach a five-year high against the yen.
Policy makers are focused on helping companies contend with a stronger won through measures including expanded insurance against volatility in the currency, Park said. “Taking direct measures is something we ruled out” to influence the won’s value, she said. The president’s office later said in a statement that Park’s remark “does not rule out smoothing operations to ease market volatility.”
Source: Bloomberg
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