South Korea intends to join the Comprehensive and Progressive Treaty of Trans-Pacific Partnership (CPTPP), as announced today by the finance minister of the Asian country, Hong Nam-ki.
Hong said today during a meeting with members of the Government that “The Executive is trying to gather opinions from the public and social debate around joining the CPTPP”And that Seoul seeks to join this mechanism to strengthen its position in terms of trade and investment, according to statements collected by the Yonhap agency.
In turn, Hong said that South Korea is preparing to resume talks to sign free trade agreements (FTA) with Mexico and the Cooperation Council for the Arab States of the Gulf.
Until now, Seoul had said that he had been studying “actively“The possibility of joining the CPTPP, an agreement that requires an important opening of internal markets, a delicate matter in the Asian country where the agricultural sector is frontally opposed, considering that it will sink South Korean farmers.
The CPTPP, which has 11 signatory countries (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam), is the renegotiated version of the Trans-Pacific Partnership Agreement (TPP), led by the Barack Obama’s US administration and later scrapped by Donald Trump’s.
Approved in 2018, it already has eight countries that have ratified it (Australia, Canada, Japan, Mexico, New Zealand, Peru, Singapore and Vietnam).
South Korea’s announcement comes just three months after China, and also Taiwan, began procedures to join the CPTPP.
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