South Korea Edges Closer to TPP Accession, Confirms USTR
South Korea intends to hold preliminary talks with Trans-Pacific Partnership (TPP) countries aimed at joining the negotiations, said the U.S. Trade Representative said in a Nov. 29 statement. The U.S. continues to target the end of 2013 for conclusion of TPP negotiations among the current 12 participant nations (see 13112924).
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“The United States welcomes Korea’s expression of interest in joining TPP. Korea plays an important role in the regional economy, and its interest in the TPP demonstrates the significant importance of this initiative to the region,” said USTR Michael Froman in the release. "President Obama, the other TPP Leaders and their teams are currently working actively to complete the negotiations. Given that prior to entry any new member needs to complete bilateral consultations with current TPP members and those members need to complete domestic processes, as appropriate, the possible entry of any new country would be expected to occur after the negotiations among the current members are concluded."
South Korea may formally express its interest in TPP accession during the upcoming World Trade Organization ministerial meeting in Bali, set for Dec. 3-6, according to TheWall Street Journal (here). South Korean Deputy Prime Minister Hyun Oh-seok announced South Korea's interest in TPP accession, according to USTR.
Email ITTNews@warren-news.com for a copy of the USTR press release.