Speeding up CPTPP accession... Brunei supports joining following Australia

Yeohan Gu (right), Chief Negotiator of Trade at the Ministry of Trade, Industry and Energy, is having a video conference on the 7th with Modeamin Lu Abdullah (left), Second Minister of Finance and Economy of Brunei.

[Asia Economy Sejong=Reporter Dongwoo Lee] Following Australia, Brunei has also expressed its 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 on the 7th.

On the morning of the same day, Yeoh Han-gu, Director-General of Trade Negotiations at the Ministry of Trade, Industry and Energy, held a video meeting with Dato Seri Mohd Amin Liew Abdullah, Second Minister of Finance and Economy of Brunei, and both sides agreed to closely cooperate if South Korea officially applies for CPTPP membership.

The CPTPP is a coalition launched on December 30, 2018, by 11 countries including Japan, Australia, and Mexico after the United States withdrew from the Trans-Pacific Partnership (TPP), which was originally led by the U.S. It is a massive economic bloc accounting for about 15% of global trade and 13% of global GDP. It represents about 23% of South Korea's exports, and tariff-free trade is the basic principle among member countries.

The government is currently conducting internal procedures such as gathering opinions to submit the CPTPP membership application within this month.

During the meeting, Director-General Yeoh shared the domestic progress and future plans for CPTPP accession and requested the support and cooperation of member countries to ensure that South Korea's accession process is not delayed.

In response, Minister Abdullah welcomed South Korea's application and pledged active cooperation for its accession.

Both sides also agreed to expand trade and investment between the two countries in light of the entry into force of the Regional Comprehensive Economic Partnership (RCEP) and to strengthen cooperation in areas such as digital trade and climate change.

Director-General Yeoh additionally proposed strengthening supply chain cooperation centered on the energy sector to respond to recent global supply chain instability, considering Brunei's status as an oil and natural gas producing country.

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