Lee orders S. Korea not to apply for CPTPP membership this year

President Lee Jae Myung has instructed the government not to apply for membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) this year, according to his spokesperson. The government has been considering whether to join this significant Indo-Pacific trade agreement, which consists of 12 nations such as Japan, Mexico, Australia, Canada, and Vietnam. Collectively, these member countries contributed approximately 15.2% of global trade in 2019.

The decision to join the CPTPP has been met with opposition from the farming and fishing industries, who are concerned that increased imports of cheaper agricultural and fishery products could harm their income and production. In response to this concern, President Lee Jae Myung emphasized the need for the government to have thorough discussions with these affected industries, as reported by Kang Yu-jung during a press briefing.

He also urged government ministries to listen attentively to the concerns of farmers and fishermen, and continue their discussions instead of setting a specific deadline for a decision.

This instruction from President Lee Jae Myung comes after the CPTPP membership topic was discussed during a recent meeting.