Yeo Han-gu "CPTPP Membership, Some Burden on Industry... Preparing Supplementary Measures"

by Lee Dongwoo

Published 27 Apr.2022 09:19(KST)

Yeo Han-gu, Director General of the Trade Negotiations Bureau at the Ministry of Trade, Industry and Energy, is presiding over the "Indo-Pacific Economic Framework (IPEF) Public-Private Task Force Meeting" on the 29th at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. Director General Yeo stated, "IPEF is expected to be a new opportunity for our country, which has aimed to be an open trading nation, and we are positively considering participation in terms of strengthening cooperation on new trade issues such as regional supply chain stabilization and digital trade." / Photo by Moon Ho-nam munonam@

[Asia Economy Sejong=Reporter Dongwoo Lee] Yeohangu, Chief Negotiator for Trade, stated on the 27th, "Joining the CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) will greatly help our companies secure new markets and cooperation partners amid the rapidly changing trade environment."

Yeohangu made these remarks during the opening speech at an industry meeting on the CPTPP accession application held at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul. He said, "The government began social discussions for the CPTPP accession application at the end of last year, and has been conducting related domestic procedures such as public hearings while broadly collecting opinions from various stakeholders."

At the meeting, the progress and recent trends of the CPTPP were shared, and the impact on the industry and supplementary measures related to CPTPP accession were explained. Fifteen organizations including the Korea Chamber of Commerce and Industry, Korea International Trade Association, Korea Federation of SMEs, Korea Iron & Steel Association, Korea Federation of Textile Industries, Korea Fintech Industry Association, and the Ministry of SMEs and Startups participated.

The industry evaluated that joining the CPTPP could improve unfavorable conditions compared to competitors such as Japan in export markets like Mexico, Vietnam, and Malaysia, contributing to increased exports in sectors such as steel and textiles.

With the introduction of digital trade norms such as "free movement of data" and "trade facilitation" provisions, expectations are rising that growth opportunities will expand for digital global small giants in fields like digital health, fintech, and edutech.

However, small and medium enterprises in sectors such as machinery, fine chemicals, and auto parts, where there is a technological gap with Japan, anticipate that some burdens may arise due to CPTPP accession and have requested the government’s active competitiveness measures.

Yeohangu said, "While some burdens on our industries may occur due to additional market openings upon accession completion, we will closely communicate with the industry, consider negotiation strategies, and prepare sufficient supplementary measures."