Seoul mulls following China into free trade pact

South Korea became the latest nation to express interest in joining an Asia-Pacific trade deal, with the trade minister saying the government is “seriously and actively considering” the issue.

South Korea’s overture comes after China and Taiwan submitted formal requests in recent weeks to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP, a free-trade pact between 11 countries around the Pacific Rim.

The application from its Asian neighbors has created a sense of urgency in Seoul that they shouldn’t be left out of a deal that looks set to grow.

South Korea has so far said it’s reviewing joining the pact, but fell short of offering a timeline for its formal application.

“I think Korea is more than ready and prepared to enter into CPTPP than any other country right now,” Trade Minister Yeo Han-koo said from Geneva.

The minister noted that his government has been making “step by step” preparations to join the deal for the past few years.

Mr Yeo said he didn’t know whether China will be able to meet the high standards required to join, and instead emphasised the benefits his own country could offer.

South Korea is a “technological and trade powerhouse in the region” and its participation could “revitalise the CPTPP into a more inclusive, comprehensive, and transparent” agreement, Mr Yeo said.