Government Requests New Zealand's Cooperation for CPTPP Membership... Accelerates DEPA Negotiations

Ministry of Trade Holds Video Conference with New Zealand Trade Minister
Discusses Key Trade Issues Including CPTPP and DEPA

Yeo Han-gu, Chief Negotiator for Trade, Meeting with WTO Director-General
(Seoul=Yonhap News) Yeo Han-gu, Chief Negotiator for Trade at the Ministry of Trade, Industry and Energy, is meeting with Ngozi Okonjo-Iweala, WTO Director-General, on the 10th (local time) in Geneva, Switzerland. 2022.2.11 [Provided by the Ministry of Trade, Industry and Energy. Redistribution and DB prohibited]
Photo by Yonhap News
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[Asia Economy Sejong=Reporter Lee Jun-hyung] The government has requested New Zealand's support for South Korea's accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

The Ministry of Trade, Industry and Energy announced that Yeo Han-gu, the Chief Negotiator for Trade, held a video conference with Damian O'Connor, New Zealand's Minister of Trade, on the 15th. During the meeting, Chief Negotiator Yeo discussed key regional trade issues including New Zealand's CPTPP and the Indo-Pacific Economic Framework (IPEF).

Chief Negotiator Yeo requested New Zealand, a CPTPP depositary and vice-chair country, to support South Korea's accession to the CPTPP. The CPTPP is a mega economic bloc comprising 11 countries including Japan, Vietnam, New Zealand, Canada, and Mexico. As of 2019, the trade volume among member countries was $5.7 trillion, accounting for 15% of global trade. The government plans to officially apply for CPTPP membership in April this year. New Zealand expressed a welcoming stance toward South Korea's consideration of CPTPP accession.

South Korea's accession to the Digital Economy Partnership Agreement (DEPA) is also expected to accelerate. The government has decided to begin formal negotiations with New Zealand for DEPA membership. DEPA is a trade agreement signed in June 2020 by Chile, Singapore, and New Zealand to establish key digital trade norms and strengthen cooperation in related fields. The government officially initiated the accession process last October during the trade ministers' meeting with the three DEPA countries. Subsequently, the first accession working group negotiations commenced last month.

Chief Negotiator Yeo also discussed the IPEF, which New Zealand and the United States are planning. Both countries agreed that the IPEF should encompass standards based on openness, transparency, and inclusiveness that can be accepted by many countries in the region. They plan to continue discussions on specific digital cooperation projects in the future.

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