South Korea is examining various factors as it moves toward joining the mega regional partnership that is expected to become the world's single largest trading bloc, the country's top economic policymaker said Tuesday.

Speaking to lawmakers at the parliamentary audit in Seoul, Finance Minister Choi Kyung-hwan said Seoul is actively reviewing the possibility of becoming a member of the Trans-Pacific Partnership.

The United States, Japan and 10 other Pacific Rim countries reached the landmark free trade pact on Monday that is expected to set new global standards for trade, intellectual property rights protection, and service sector liberalization. The member states currently account for 40 percent of the world's gross domestic product. 

"Due administrative process and public hearings will be held to reach a decision on joining the multilateral Asia-Pacific free trade region," Choi said. The government has held talks with the 12 members of the TPP and has been carefully examining related information.

He, however, declined to give more details, stressing that all negotiations involve partners who may not want information related to the talks divulged.

Choi, who doubles as deputy prime minister in charge of economic affairs, said that the agreement has conditions that can affect trade, so they need to be checked in detail.

While some have criticized the government for not taking part in the TPP talks from the outset, he pointed out that when the United States officially announced it was joining the negotiations in 2008, Seoul had already inked a free trade agreement with the world's largest economy.

"At the time, it was decided to concentrate on the bilateral FTAs," he said. "Afterward, when talks began between the 12 nations, there was little room for South Korea to join."

The minister, meanwhile, said that even if Seoul joins the TPP, its stance will be to protect the domestic rice market.

South Korea has persistently maintained that rice should be excluded from liberalization and that this has been reflected in FTAs signed with the United States, China and European Union, he said. (Yonhap)