South Korean President Lee unlikely to join Pacific trade pact within term

Key facts

• President Lee Jae Myung pledged to prevent unfair damage to farmers and fishermen over CPTPP entry.
• Lee ordered the government not to apply for CPTPP membership this year.
• Lee acknowledged that CPTPP membership is important for South Korea's exports and growth.

South Korean President Lee Jae Myung said Monday it is unlikely the country will join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) during his term ending June 2030. Lee acknowledged concerns among farmers and fishermen over potential CPTPP entry, vowing to prevent unfair damage to them. He ordered the government not to apply for membership this year, pledging sufficient consultations with those opposed to the trade bloc. While CPTPP membership is expected to boost exports, the agricultural and fisheries sectors may suffer from market opening. Lee stressed the importance of expanding export markets for trade-reliant South Korea, calling CPTPP membership necessary for further growth.