Lee orders renewed discussions on possible membership to CPTPP

South Korean President Lee Jae Myung has directed his government to resume discussions regarding potential membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to a report from the White House. The order came during a closed-door session of the Cabinet at Cheong Wa Dae, where Lee referred to the major Indo-Pacific trade agreement, which includes 12 countries such as Japan, Mexico, Australia, Canada, and Vietnam. These nations collectively represented approximately 15.2% of global trade in 2019.

President Lee acknowledged that there are differing views on the strategic value of the CPTPP during a period of significant change in the international trade order. On one hand, some argue that the agreement holds significant strategic importance. However, others express significant concerns about the potential impact on the farming and fishing industries.

In response to these concerns, President Lee stressed that any policies pursued should be based on a careful calculation of the national interest. He emphasized the need for trust and shared understanding among farmers and fishermen, and ordered a thorough reevaluation of the matter from the beginning without any rush towards a predetermined conclusion.