South Korea's global economic network of free trade deals with many other countries will be a strong selling point for participation in a U.S.-led regional trade pact, known as the Trans Pacific Partnership, the top U.S. envoy to Seoul said Tuesday.
"We realize (South) Korea plays a role in the regional economy and has free trade agreements with many countries in the Pacific," Mark Lippert, the U.S. ambassador to South Korea, said in a Seoul forum.
"Korea is already a high standard, high performing trade partner, (which is) globally active in the world and engaging with many, actually all of the partners of the TPP, most all of them you have FTAs with."
Earlier last week, South Korea's finance minister said that the government will take part in a fresh round of talks on the TPP membership, after previous rounds of "preliminary talks" since Seoul expressed its interest in joining the trade deal in late 2013.
Lippert said South Korea has higher standards to become the natural candidate for TPP negotiations, citing South Korea's FTAs with 11 countries, including the United States, China, Japan and Canada.
"The TPP in many respects is a KORUS (Korea-U.S.) plus agreement," the diplomat said, citing the Seoul-Washington FTA that was implemented in 2012. "Korea is a natural candidate for membership in the TPP."
He said when the TPP is completed, it will take up approximately 30 percent of world trade, 40 percent of global gross domestic product, 50 percent of projected global economic growth and 800 million consumers, which gives it strong global negotiating power.
The most important thing is South Korea's interest in participating in the multilateral trade agreement, he noted.
"The U.S. welcomes Korea's interest in the TPP and looks forward to working with and consulting with the government of Korea on this issue," said Lippert. "Korea's interest in the TPP is very much alive." (Yonhap)
