Australian Trade and Investment Minister Andrew Robb said in a statement on Friday that he welcomed South Korea's expression of interest in participating in the Trans-Pacific Partnership (TPP) Agreement and is looking forward to discussing South Korea's possible entry into the TPP in the future.

"(South) Korea is an important strategic partner for Australia in Asia and our third-largest export market hence the significance of us concluding negotiations with them on a Free Trade Agreement. I now look forward to discussing (South) Korea's possible entry into the TPP in the future," he said.

Last Friday, South Korea took a step closer to joining the 12- nation talks aimed at slashing trade barriers. After a meeting of top economic officials, South Korea confirmed that it would soon enter negotiations with the United States, Japan, Canada and nine others already in the group.

Robb said South Korea's interest reflects the significance of the TPP in shaping economic architecture in the Asia-Pacific region.

According to him, the TPP is the most comprehensive free trade agreement currently under negotiation and involves 12 countries responsible for 40 percent of global gross domestic product (GDP). TPP Ministers will be meeting in Singapore from Dec. 7 to 10 for advanced stage negotiations.

"The TPP negotiations are in their final stages and I will be pushing hard for outcomes that provide significant and material opportunities for Australian businesses and exporters, including farmers, manufacturers and service providers," Robb said.