청 "RCEP is not in a confrontational relationship with CPTPP... Aiming to expand free trade based on multilateralism"

'World's Largest FTA' Regional Comprehensive Economic Partnership (RCEP) Signed... President Moon Calls It a "Historic Moment"

President Moon Jae-in attended the signing ceremony of the Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade agreement (FTA), held at the Blue House on the 15th. He applauded as Yoo Myung-hee, the Chief Negotiator for Trade, signed the agreement. 2020.11.15 [Image source=Yonhap News]

[Asia Economy Reporter Son Sun-hee] The Blue House stated on the 15th that President Moon Jae-in, taking the signing of the Regional Comprehensive Economic Partnership (RCEP) as an opportunity, addressed concerns raised by some about South Korea's non-membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTTP), saying, "CPTTP and RCEP are not in opposition or confrontation but have a complementary relationship."

With the Biden administration taking office in the U.S. next year and the possibility of the U.S. rejoining the CPTTP, there are expectations that South Korea will be asked to join. Given the U.S.-China trade conflict, South Korea cannot ignore China, which holds the largest economic scale among RCEP member countries.

Regarding this, a senior Blue House official said to reporters after the RCEP signing ceremony, "It is correct to view the two as complementary, and both aim for a multilateral trade system in the Asia-Pacific region," adding, "We are participating in RCEP with the intention of expanding a regional free trade order based on multilateralism, not from the perspective of U.S.-China confrontation." The Blue House explained that among the ASEAN countries participating in RCEP, four countries including Vietnam and Singapore, as well as Japan, Australia, and New Zealand, also participate in CPTTP.

However, when asked whether South Korea's participation would be open if the U.S. returns to CPTTP in the future, the official said, "President-elect Biden has not yet expressed a position on whether to join CPTTP," and added, "It is not appropriate to answer hypothetical questions." Nevertheless, he added, "CPTTP and RCEP have a complementary relationship," and "If necessary, we can join, but now is not the time to decide."

President Moon Jae-in is attending the summit meeting of the world's largest free trade agreement (FTA), the Regional Comprehensive Economic Partnership (RCEP), held via video conference at the Blue House on the 15th. 2020.11.15 [Image source=Yonhap News]

Earlier, President Moon Jae-in signed the RCEP agreement, the world's largest free trade agreement (FTA) covering about 30% of global GDP and population. In his remarks at the summit, President Moon called it a "historic moment," saying, "In the face of challenges from the novel coronavirus disease (COVID-19), the spread of protectionism, and the crisis of the multilateral system, the young and dynamic ASEAN took the lead in concluding a free trade agreement. We have put into action the value of free trade," expressing gratitude to the leaders of each country, according to Blue House spokesperson Kang Min-seok.

President Moon continued, "I am confident that RCEP will contribute to the recovery of multilateralism and the development of free trade beyond the region," and evaluated, "RCEP has the optimal conditions to lead the post-COVID era."

Although India, which had been in ongoing discussions about participation, was absent from the signing, President Moon said, "We hope for its early accession and expect active efforts from member countries."

Participating country leaders also responded, saying, "RCEP will be an important milestone for economic recovery."

RCEP is a multilateral FTA involving 15 countries, including the 10 ASEAN member states, South Korea, China, Japan, Australia, and New Zealand. President Moon and the participating leaders held the RCEP summit and signing ceremony consecutively and adopted a joint declaration. The countries also reached a consensus to promptly proceed with domestic procedures such as ratification to enable the early implementation of RCEP.

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