Hong Nam-ki Requests Support for CPTPP Membership from Singapore Deputy Prime Minister

Deputy Prime Minister Hong: "Korea Completes Preparations for CPTPP Accession... Please Actively Support"

Hong Nam-ki, Deputy Prime Minister for Economy and Minister of Strategy and Finance, is delivering a congratulatory speech. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Heo Kyung-jun] Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, requested Singapore, the chair country of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), to actively support South Korea's accession.

The Ministry of Economy and Finance announced on the 25th that Deputy Prime Minister Hong held separate meetings with Heng Swee Keat, Deputy Prime Minister of Singapore, and Gan Kim Yong, Minister of Trade and Industry, in Singapore and conveyed this request.

The CPTPP is a multilateral free trade agreement (FTA) launched on December 30, 2018, by 11 countries including Japan, Australia, Canada, Brunei, Singapore, Mexico, Vietnam, New Zealand, Chile, Peru, and Malaysia.

During the meeting, Deputy Prime Minister Hong said, "The South Korean government’s preparations for joining the CPTPP have been completed," and added, "We ask Singapore, the chair country this year, to actively support the smooth progress of accession negotiations after the application for membership." He also expressed a positive intention to consider participation in the Indo-Pacific Economic Framework (IPEF).

The Ministry of Economy and Finance reported that Singapore also mentioned having great interest in the IPEF and hopes that more countries will be able to participate.

Furthermore, Deputy Prime Minister Hong expressed gratitude for Singapore’s efforts in the swift negotiation of the Digital Economy Partnership Agreement (DEPA) accession and expressed hope to complete the negotiations in the first half of the year.

Additionally, both sides agreed to cooperate in response to concerns over inflation intensification due to recent raw material price increases, growth slowdown caused by supply chain difficulties, and the establishment of stable supply chains. Deputy Prime Minister Hong also proposed resuming the economic policy meetings between the Ministry of Economy and Finance and the Singapore Ministry of Finance, which were held annually from 2008 to 2014.

Deputy Prime Minister Hong departed for the United States on the 17th to attend the G20 Finance Ministers and Central Bank Governors Meeting and the International Monetary and Financial Committee (IMFC) meeting. After completing his schedule in the U.S., he is currently visiting Singapore.

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