South Korea will start the process for joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Finance Minister Hong Nam-ki has stated that the government will kick off discussions with a wide range of stakeholders in society as a step toward applying for CPTPP membership.
He said: “We cannot keep [CPTPP] talks inside the government anymore, as the economic order is changing quickly in the Asia-Pacific region. “We should consider our status as an open trade country, as well as the economic and strategic value of the expansion of trade and investment.”
Hong’s remarks come after China and Taiwan applied for the CPTPP and just weeks before the Regional Comprehensive Economic Partnership -the world’s biggest free trade agreement, which will include China- becomes effective at the start of 2022.