S. Korea aims to become linchpin of economic integration in East Asia

South Korea's trade ministry said on Friday that it aimed to become the linchpin of the regional economic integration in East Asia through the new free deal with China and the signed deal with the United States.

"Based on the existing network of free trade agreements (FTAs), Korea will seek to play the role of a linchpin in bridging the East Asian market centered around China with the pan-Pacific market led by the U.S.," the Ministry of Trade, Industry and Energy (MOTIE) said in a new roadmap for trade policy under the Park Geun-hye government.

South Korea already signed the free trade deals with the United States and the European Union (EU), which took effect in 2012 and 2011 respectively. Seoul and Beijing held five rounds of negotiations for their bilateral FTA.

Under the new policy, Seoul planned to conclude the ongoing trade deals such as the bilateral deal with China and the trilateral pact with China and Japan at an earliest date possible, while seeking to actively participating in negotiations for the Regional Comprehensive Economic Partnership (RCEP).

The RCEP is a multilateral FTA that will include China, Japan, South Korea and 10 members of the Association of Southeast Asian Nations (ASEAN) as well as India, Australia and New Zealand.

Based on the planned FTA with China and the already signed U.S.- Korea FTA, Seoul aimed to play a role in linking the China-led RCEP with the U.S.-led Trans Pacific Partnership (TPP), which includes Japan, Australia, New Zealand, Singapore, Vietnam, Malaysia, Canada, Peru, Chile and Mexico.

The ministry said it will strengthen exchanges of information with participants of the TPP negotiation such as the United States and Japan.