Hong Nam-ki "CPTPP Membership Application in April Next Year... Informal Contact with Chair Country"

"Discussion on Korea-US Public-Private Roundtable Infrastructure Cooperation Plans in the First Half of Next Year"

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, presides over and speaks at the '3rd External Economic Security Strategy Meeting' on the 27th at the Government Seoul Office in Gwanghwamun, Seoul. (Photo by Ministry of Economy and Finance)

[Sejong=Asia Economy Reporter Moon Chaeseok] The government has decided to push forward with submitting an application for comprehensive and progressive membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) by April next year.

On the 27th, the government announced this during a Foreign Economic Security Strategy Meeting held at the Government Seoul Office, chaired by Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki.

In his opening remarks, Deputy Prime Minister Hong said, "We will expedite the related procedures such as gathering public opinion and social discussions for CPTPP membership," adding, "The inter-ministerial task force (TF) will discuss the ripple effects on sensitive sectors and directions for supplementary measures, and externally, we will conduct informal contacts and consultations with member countries including Singapore, the chair country next year, and vice-chair countries Mexico and New Zealand."

The announcement of the timeline as April next year is interpreted as the government’s intention to finalize the CPTPP membership issue within the current administration’s term.

The meeting also discussed ways to strengthen cooperation in key areas such as the U.S. supply chain, digital economy, infrastructure, and decarbonization.

Deputy Prime Minister Hong stated, "The government will decide on our participation and level of cooperation from the perspective of maximizing national interests," and added, "In particular, regarding Korea-U.S. infrastructure cooperation, a Korea-U.S. public-private roundtable will be held in the first half of next year to discover joint projects in promising fields such as climate and digital sectors, and to activate support cooperation for low- and middle-income countries."

The United States is promoting the Indo-Pacific Economic Framework and the Build Back Better World (B3W) initiative for infrastructure cooperation with developing countries.

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