Government Approves 'CPTPP Accession Plan'... Actual Membership to Take Over a Year

Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Economy and Finance / Photo by Mo Honam munonam@

[Asia Economy Sejong=Reporter Son Seon-hee] The government decided on the 15th to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

According to the Ministry of Economy and Finance, the government held the '228th Ministerial Meeting on External Economic Affairs' in writing on the same day, chaired by Deputy Prime Minister and Minister of Economy and Finance Hong Nam-ki, and approved the 'CPTPP Accession Promotion Plan.' The written meeting included Deputy Prime Minister Hong (chair), ministers from the Ministry of Science and ICT, Ministry of Foreign Affairs, Ministry of Agriculture, Food and Rural Affairs, Ministry of Trade, Industry and Energy, Ministry of Environment, Ministry of Land, Infrastructure and Transport, Ministry of Oceans and Fisheries, Ministry of SMEs and Startups, the Director of the Office for Government Policy Coordination, and the Blue House Chief of Economic Affairs.

The government is expected to report this to the National Assembly as early as next week and then proceed with the formal accession application process targeting CPTPP member countries. It is anticipated that it will take at least one year or more to complete the CPTPP accession.

The Ministry of Economy and Finance stated, "The government has prepared the promotion plan based on the collection of opinions from various sectors and the analysis of economic effects related to the CPTPP accession application," adding, "We will faithfully carry out related procedures such as reporting to the National Assembly before applying for accession." Furthermore, it said, "If negotiations proceed, we will reflect the sensitivities of sectors such as agriculture, livestock, and small and medium manufacturing industries to the maximum extent in the negotiations and will also prepare domestic supplementary measures thoroughly according to the negotiation results," adding, "We plan to actively respond to ensure that the health and safety of the public are not compromised."

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