SEOUL (BLOOMBERG) - South Korea is ready to meet the standards required to join an Asia-Pacific trade deal, which would benefit both South Korea and Japan, Trade Minister Yeo Han-koo said in an interview with Nikkei.

Seoul will begin discussions on the process for joining the free-trade pact, the government said earlier this month.

Japan's top government official has said it is too early say whether South Korea can fully meet the high standards of pact, according to Kyodo.

The South Korean minister's comments concide with requests from China and Taiwan to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a free-trade pact between 11 countries around the Pacific Rim.

South Korea is "ready to meet the high standards" and has prepared for the pact for eight years, Han-koo said, according to the report.

If South Korea joins the CPTPP, it would "vitalise the Korea-Japan economic cooperation and offer benefits for both," he said.

Businesses and markets "have recognised the importance of economic and supply-chain cooperation between South Korea and Japan," the Nikkei cited Han-koo as saying.

Japanese companies' investments in South Korea have increased, "except for 2020, which was hit due to the coronavirus", even with strained relations between the two countries over the past few years, he said.