Key facts
- South Korea will review potential membership in the CPTPP trade pact.
- The government aims to expand its multilateral trade network.
- Finance Minister Koo Yun-cheol emphasized analyzing economic impacts and benefits.
- Specific attention will be given to the agricultural and fisheries sectors.
- Discussions also covered cooperation with Central Asian and African nations.
South Korea's finance ministry has pledged to strengthen the country's international trade relationships, initiating a review of potential membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Finance Minister Koo Yun-cheol announced the government's intention to gather public opinion on the matter, emphasizing a thorough analysis of the economic benefits and potential impacts on various industries, particularly agriculture and fisheries.
During a meeting on external economic affairs, Koo highlighted the importance of enhancing ties with like-minded nations to ensure supply chain stability. The CPTPP, a trade agreement currently comprising 12 countries including Japan, Australia, Canada, Mexico, and Britain, will be assessed for its tangible benefits to national interests and citizens' livelihoods. The government committed to presenting the results of this objective analysis to the public and preparing supplementary measures if membership is pursued.