South Korea said Wednesday it has yet to make a decision on whether to join a new regional bank led by China meant to fund infrastructure projects in Asia.
China launched the Asian Infrastructure Investment Bank in November with 21 nations in Asia and the Pacific region listed as its founding members. Australia and Japan — two other U.S. allies in the region — also have yet to make their decision.
The end of March is the deadline set by China for all interested parties to join the new bank, which many experts see as a counterbalance to the Asian Development Bank and the World Bank, which have been dominated by the United States and other Western economies.
An Chong-bum, the senior presidential secretary for economic affairs, said South Korea has neither unveiled its position nor held in-depth discussions on the issue.
“At this stage, no decision has been made yet,” An told reporters.
He also dismissed a local media report that South Korea has informed the United States of its decision to join the AIIB.
His comments came hours after a South Korean diplomatic source in Beijing suggested Seoul could join a Chinese-led Asian regional bank.
“We are positively considering joining the AIIB,” the source with direct knowledge of the matter said on the condition of anonymity because no final decision has been made yet. “From the perspective of our national interests, there is no reason for us not to join the AIIB.”
In Washington, the U.S. State Department said Tuesday it is up to South Korea to decide whether to join the AIIB.
Last week, Britain applied to join the AIIB, becoming the first major Western economy to seek membership in the Chinese-led bank. Also, this week, Germany, France and Italy followed Britain in seeking to take part in the AIIB.
The U.S. has been negative about the Chinese push that is seen widely as an attempt to bolster its economic clout in Asia. The U.S. has called for transparency and high standards of governance as key requirements for such an institution. (Yonhap)
