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Korea wants Vietnam to support joining the CPTPP

Korea wants Vietnam to support joining the CPTPP
South Korean and Vietnamese trade officials during a meeting in Seoul in December 2021. Photo: Yonhap

Yonhap news agency quoted the Korean Ministry of Commerce’s announcement as saying the above information. Accordingly, Korean Trade Minister Yeo Han-koo made the request in a phone call with Vietnam’s Deputy Minister of Industry and Trade Tran Quoc Khanh. Seoul is promoting registration to join the CPTPP.

In addition, during the phone call, Minister Yeo Han-koo and Deputy Minister Tran Quoc Khanh also discussed the Indo-Pacific Economic Framework (IPEF). The US advocates deploying IPEF to better connect with Asian trade.

In addition, Minister Yeo Han-koo proposed to strengthen Korea-Vietnam bilateral cooperation in supply chain and climate change issues to improve the economic relations of the two countries.

Bilateral trade between South Korea and Vietnam reached a record $80.7 billion in 2021, up from $69.1 billion in 2020.

Effective from December 30, 2018, CPTPP is a new generation free trade agreement between 11 countries including Japan, Canada, Australia, Vietnam, New Zealand, Singapore, Mexico, Peru, Brunei, and Chile. and Malaysia.

According to statistics of the Korea Institute of Trade and Industrial Economics, in 2019 alone, trade transactions of 11 member countries of the CPTPP reached $5.7 trillion, accounting for 15.2% of the total trade in the world. bridge.

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