Anchor: Seoul says free trade agreements it has reached with the United States and other countries will shield its exports from being squeezed out by the Trans-Pacific Partnership (TPP). Nevertheless, it said joining the multilateral trade bloc would be a boon to South Korean exports and that it will closely examine the agreement before making a final decision.
Our Kim In-kyung has more.
 
Report: Seoul says South Korea's absence from the Trans-Pacific Partnership (TPP) will not deal a significant blow to exports. 
 
After the full text of the TPP agreement was disclosed, the Ministry of Trade, Industry and Energy said Thursday that the market liberalization of the 12-nation deal is similar to that of the South Korea-United States free trade agreement (FTA). 
 
It said the TPP will eliminate tariffs on 95 to 100 percent of goods over 30 years among participating nations, but South Korea's FTAs with the United States and other countries have reached a similar level of liberalization.

In particular, it said the South Korea-U.S. FTA will eliminate tariffs on 95-point-eight percent of all South Korean goods sold in the U.S. beginning in 2017, allowing South Korea to maintain its advantage in the U.S. market for the time being. 
 
For example, the trade ministry explained that the TPP would eliminate U.S. tariffs on Japanese cars over 25 years, but the South Korea-U.S. FTA will waive tariffs on South Korean automobiles from next year.
 
However, the government expected more competition for machinery, electrical and electronic goods. Under the TPP, Washington would immediately eliminate tariffs on Japanese products, but the South Korea-U.S. FTA eliminates tariffs over ten years.
 
The trade ministry also said the TPP includes factors that are not in the South Korea-U.S. FTA, such as chapters on state-owned enterprises, small and medium companies and development. The ministry said as the TPP is likely to become the global standard for free trade, South Korea will have to actively review the agreement in order to improve related regulations.
 
The trade ministry said joining the TPP would have a positive impact on South Korean companies' exports and investments and that it has launched a task force to closely analyze the mega-FTA.
Kim In-kyung, KBS World Radio News.