Tae-jun Lee, Gounee Yang

Global Economic News

THE South Korean Government has decided to submit an application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in April next year.

The government held the international economics and security strategic meeting presided over by Deputy Prime Minister and Finance Minister Hong Nam-ki at the Central Government Complex on Monday and announced the decision.

“The government will speed up related procedures such as collecting public opinion and discussing social issues to join the CPTPP,” Hong said in an opening remark.

“In addition, TFs (task forces) of related ministries will discuss the ripple effects and alternative measures for sensitive industries, and will have unofficial meetings with member countries, including Mexico and New Zealand, next year.”

It is said that the government is planning to submit the application in April next year to complete joining the CPTPP before the presidential term ends.

At the meeting, ministries also discussed ways to strengthen cooperation in important industries, such as the U.S. supply chain, digital economy, infrastructure and decarbonization.