Trade Industry Urges Government and National Assembly to Expedite RCEP Implementation

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyewon] The Korea International Trade Association (KITA) on the 15th welcomed South Korea's final signing of the Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade agreement (FTA), and urged the government and the National Assembly to expedite the ratification process.

In a statement on the RCEP signing, KITA said, "We warmly welcome the signing of RCEP and hope that through RCEP, East Asian economic cooperation will expand and a stable trade and investment foundation will be secured."

RCEP is the world's largest FTA, signed by 15 major Asia-Pacific countries accounting for 30% of the world's population and 30% of global GDP. KITA expressed expectations that "not only is this the first mega FTA that South Korea has concluded, but it will also bring positive effects to our economy in many aspects."

KITA emphasized, "This agreement will upgrade trade conditions with existing FTA partner countries such as ASEAN and China. It is significant that Japan, the only RCEP member country without an FTA with South Korea, has reached its first FTA agreement, and we hope this agreement will serve as a new opportunity to restore the rigid Korea-Japan relationship."

KITA also analyzed, "Since RCEP member countries are organically connected in the supply chains of raw materials, intermediate goods, and consumer goods, forming a mutually complementary trade structure, this agreement is expected to expand trade and investment."

South Korea's trade share with RCEP member countries has steadily increased over the past decade, reaching 49.2% in the first to third quarters of this year. Additionally, South Korea ranks third in both GDP and trade volume among RCEP member countries, following China and Japan, and KITA's assessment is that a proactive approach is necessary to actively utilize this agreement.

KITA added, "We now hope that the government and the National Assembly will work to ensure that RCEP is ratified as soon as possible," and "Our association will also take the lead in creating jobs and revitalizing the economy through increased exports."

This content was produced with the assistance of AI translation services.