Dae-min Jeong, Gounee Yang

Global Economic News

THE South Korean Government has decided to officially promote joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), a mega free trade agreement involving 11 Asia-Pacific nations, as the country seeks to diversify its export portfolio amid economic uncertainty.

According to the Ministry of Trade, Industry and Energy, the government has approved the plan to join the CPTPP at a meeting Friday. The government will submit an official application after completing domestic procedures, including a report to the National Assembly.

The approval came about eight years after the government considered joining the Trans-Pacific Partnership, the CPTPP’s predecessor.