S. Korea’s membership in TPP only matter of time: trade minister
Global Post | 17 August 2015
S. Korea’s membership in TPP only matter of time: trade minister
South Korea has no other choice but to join the U.S.-led regional free trade agreement, known as the Trans Pacific Partnership (TPP), the country’s trade minister said Monday, as the country’s exports have been stuck in a slump.
"A South Korea that has no membership in the TPP is unimaginable," Yoon Sang-jick said while meeting with reporters here.
South Korea has not yet announced an official intention to join the multilateral FTA that currently involves 12 countries, including Australia, Canada and Japan, only expressing its interest in joining the regional trade pact in late 2013.
"The government will thoroughly prepare for the country’s membership with the TPP while working to maximize the country’s national interest," the minister of trade, industry and energy said.
Yoon’s remarks come as the country is struggling to boost its exports, which have posted an on-year drop for seven consecutive months since the beginning of the year.
The trade minister said conditions for the country’s exports will likely improve in the remainder of the year.
"In the end, I believe only a strong manufacturing sector can ensure our economic growth in the future. The government will take additional efforts in the second half of the year to help further improve the competitiveness of our export items," he said.
