Heads of National Research Institutes Urge Government for "Active Participation in CPTPP"

Yoo Myung-hee, Chief Trade Negotiator - Expert Meeting
Experts "Active Response to New Trade Orders like CPTPP"

President Moon Jae-in and Yoo Myung-hee, the Chief Negotiator for Trade at the Ministry of Trade, Industry and Energy, each announced on the 8th and 16th respectively that they would "consider joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)." The photo shows President Moon and Chief Negotiator Yoo signing the agreement and applauding at the signing ceremony of the Regional Comprehensive Economic Partnership (RCEP) held at the Blue House on the 15th of last month. (Image source=Yonhap News)

[Asia Economy Reporter Moon Chaeseok] Heads of government-funded research institutes have proposed that the government actively participate in new trade orders such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The Ministry of Trade, Industry and Energy announced that Yoo Myung-hee, the chief trade negotiator, will hold a meeting with trade experts at 4 p.m. on the 29th at the Korea International Trade Association in Gangnam-gu, Seoul.

The meeting will be attended by Kim Heung-jong, president of the Korea Institute for International Economic Policy (KIEP); Jang Ji-sang, president of the Korea Institute for Industrial Economics and Trade (KIET); Professor Ahn Deok-geun of Seoul National University (president of the International Trade Association); Professor Heo Yoon of Sogang University; and Professor Kang Moon-sung of Korea University.

In his opening remarks, Chief Negotiator Yoo said, "The importance of trade roles is increasing in various issues such as WTO multilateral system reform, digital transformation, climate change response, and overcoming the COVID-19 crisis."

He added, "The government will actively respond to discussions on expanding free trade agreements (FTAs) such as the CPTPP to complement the WTO system, and will proactively address new issues such as climate change and digital trade. We will strengthen the role of trade norms to overcome the economic crisis."

The heads of government-funded research institutes and private experts emphasized at the meeting that South Korea must actively respond to the CPTPP and WTO reforms.

They anticipated that the Biden administration in the United States will restore the multilateral system and fully launch a new trade order.

They agreed on the need for active participation in CPTPP and WTO reform discussions centered on digital transformation, climate change carbon neutrality, and global value chain restructuring.

President Kim said, "The Biden administration will address issues such as industrial subsidies, state-owned enterprises, intellectual property rights, labor, and environmental issues through WTO reform," and emphasized, "Domestically, we need to consider progressive revisions of regulations related to WTO reform."

Professor Ahn advised, "Regarding the CPTPP, it is necessary to establish a flexible strategy in preparation for the possibility that the new U.S. administration will promote a new trade model together with friendly countries," and added, "To join the rapidly growing digital economy leading countries, urgent improvements in domestic legislation in the field of digital trade norms are needed."

President Jang suggested, "The core of the new U.S. administration's economic and trade policy is fostering eco-friendly industries and multilateral trade policy," and recommended, "Under the principle of actively participating in multilateral trade agreements, we should respond jointly with countries that have similar positions to ours."

An official from the Ministry of Trade, Industry and Energy said, "We plan to strategically respond to changes in the trade environment after sufficient communication with various stakeholders."

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