PRIME TIME NEWS 22:00
It took 12 Pacific Rim countries... 5 years to finally reach a deal to reduce tariffs on some 18-thousand categories.... Now Korea′s weighing its options to join in on the historic TPP free-trade pact.
Looks like there will be back-to-back... in-depth discussions on heavy topics including North Korea′s nuclear ambitions, as both U.S. Deputy Secretary of State Tony Blinken... and IAEA chief Yukiya Amano visit Seoul.
NATO issues a stern warning to Russia for violating Turkish airspace... to conduct air raids on Syria.
Moscow says its first instrusion on Saturday was an accident... yet turns around and does it again.
Hello... and welcome to Prime Time News... on this Tuesday, October 6th.
I′m Daniel Choy.
And I′m Hwang Ji-hye.
Thanks for joining us.
Title: Trade ministers reach agreement on TPP
Trade negotiators have reached an agreement on what′s considered the world′s largest free trade pact,... as it accounts for 40 percent of the global economy.
Once ratified,... the Trans-Pacific Partnership will remove trade barriers for twelve countries,... including the U.S., Canada and Japan.
So... how big a deal is the TPP?
Kim Min-ji has our top story.
They′re calling it a historic agreement.
After five years of talks, trade negotiators from 12 countries have struck a deal that will reduce tariffs on almost 18-thousand categories, ranging from automobiles to food,... and set standards for labor and the environment in the trade bloc.
"We have come to an agreement that will support jobs, drive sustainable growth, foster inclusive development, and promote innovation across the Asia-Pacific region."
The trade pact, called the Trans-Pacific Partnership, or TPP,... involves the US, Japan, Malaysia, Vietnam and eight other Pacific Rim countries,... which together account for about 40 percent of the global economy.
It is the largest trade pact ever,... making up for more than a quarter of the world′s trade volume,... and covers a combined population of almost 800 million.
Supporters of the deal say the agreement will facilitate higher paying jobs,... as well as boost productivity and competitiveness and raise living standards in member countries.
Some also see it as a way to counter a rising China,... which is not a member of the agreement,... and paves the way to open new markets for American companies.
However, critics have not been happy about negotiations they say have been overly secretive in nature,... and argue that the trade deal will benefit large corporations and shift more jobs overseas.
Although the deal has been concluded, this is just the first step in what is likely to be a long road ahead as the participating countries take the deal back to their governments for approval.
Kim Min-ji, Arirang News.
Title: Experts say local exporters could suffer if Korea doesn′t join TPP
Korea is not part of the mega trade pact,... but has reiterated its interest to be part of it soon.
Some fear being
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