Korea decided to join CPTPP

Korea consider joining Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) from the end of 2020. One year later, the country process start accede. On April 15, the plan to join the CPTPP was approved during an inter-ministerial meeting on economic issues.

The South Korean official said the government will submit a formal application for accession after completing domestic procedures, including a report to the National Assembly. “This participation is of great significance, as it will help us better cope with the rapidly changing global situation and ensure supply chain stability in the Asia-Pacific region.” Trade Minister Yeo Han-koo said.

CPTPP is okay signed in 2018, Valid for Vietnam from the beginning of 2019. The agreement includes 11 member countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, Singapore, New Zealand, Peru and Vietnam. Together, these countries contribute 15% of global trade.

The Korean government said it plans to apply to join the CPTPP before President Moon Jae-in ends his five-year term on May 9. President-elect Yoon Suk-yeol is expected to participate in negotiations on this. The process is expected to take at least a year.

“The government has carefully considered joining the CPTPP for the past eight years. This decision was made after assessing its strategic and economic values,” the Ministry of Commerce said.

Joining the CPTPP could boost both trade and investment for South Korea. GDP is forecast to grow by 0.33 to 0.35%, according to the Korea Institute of International Economic Policy.

Ha Thu (according to Yonhap)