Government to Hold Foreign Economic Ministers' Meeting Tomorrow... Expected to Announce CPTPP Accession
[Sejong=Asia Economy Reporter Son Seon-hee] The government will hold the Ministerial Meeting on External Economic Affairs on the 13th to discuss joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). It is expected to announce its membership policy immediately after the meeting.
According to the Ministry of Economy and Finance, Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki will preside over the Ministerial Meeting on External Economic Affairs at the Government Seoul Office on the morning of the 13th. The agenda is 'Future Promotion Plan Related to CPTPP Membership,' and a conclusion on whether to join is expected to be reached at this meeting.
The government has repeatedly stated that it is positively considering joining the CPTPP. Initially, it planned to announce the membership decision around the end of October, but the meeting was postponed due to final consultations among related ministries. The government has been discussing institutional improvement measures in areas such as agricultural, livestock, and fishery product sanitary inspections, fishery subsidy systems, digital trade norms, and state-owned enterprise support in preparation for joining the CPTPP, and recently conducted final reviews on the impact on and response plans for the domestic agriculture, livestock, and fishery industries.
If membership is formalized after the meeting, the government is expected to initiate related procedures such as public hearings and reporting to the National Assembly.
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The CPTPP is a cooperative body launched on December 30, 2018, by 11 countries including Japan, Australia, and Mexico after the United States withdrew from the former Trans-Pacific Partnership (TPP) in 2017. In October, China and Taiwan suddenly applied for CPTPP membership, and the possibility of the United States rejoining is also anticipated.
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