The South Korean finance minister has said Seoul is examining the possibility of joining the Trans-Pacific Partnership free trade deal, according to the nation's Yonhap News Agency.

"Due administrative process and public hearings will be held to reach a decision on joining the multilateral Asia-Pacific free trade region," Finance Minister Choi Kyung-hwan was quoted as telling lawmakers at a parliamentary audit Tuesday.

The remarks by Choi, who doubles as deputy prime minister in charge of economic affairs, came after the United States, Japan and 10 other nations reached agreement Monday on the Trans-Pacific Partnership initiative, a bloc that would cover around 40 percent of the global economy.

It has given rise to concerns in South Korea that the country's exporters may face stiffer competition from Japanese rivals, whose products would become cheaper in the U.S. market after the TPP goes into effect.

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

Meanwhile, Foreign Ministry spokesman Noh Kwang-il said South Korea "will actively consider joining the TPP in such a way to maximize national interests."

Noh noted that South Korea was an active participant in regional economic integration endeavors, including a three-way free trade agreement being forged with China and Japan. It is also taking part in the proposed Regional Comprehensive Economic Partnership, which links the 10-member Association of Southeast Asian Nations with six Asia-Pacific countries that have free trade arrangements with ASEAN, including Japan and Australia.

He said South Korea will make a final decision on the TPP after examining the possible impact in public hearings and reports to the parliament.