Korea unlikely to join CPTPP by 2030
President Lee Jae Myung said Monday that Korea is unlikely to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) during his term, but stressed the need to lay the groundwork despite political criticism, while protecting farmers and fishers from losses. Speaking at a meeting with representatives from the farming, livestock, forestry and fisheries sectors at…
President Lee Jae Myung stated on Monday that it is improbable for Korea to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) during his presidency. However, he emphasized the necessity of preparing for membership despite potential political backlash, while safeguarding farmers and fishers from any financial setbacks.
During a gathering with stakeholders from Korea's agriculture, livestock, forestry, and fisheries industries at Cheong Wa Dae, Lee elaborated that attaining CPTPP membership necessitates consent from all member nations, potentially rendering the negotiations a time-consuming process. The CPTPP consists of 12 countries, among them significant economies such as Japan, the United Kingdom, Canada, and Australia.
This free trade bloc accounts for approximately 15 percent of the world's gross domestic product, ranking among the largest trade alliances globally. President Lee indicated that even if the pursuit of CPTPP membership persists, it is highly unlikely that a definitive agreement will be achieved within his single five-year term, which concludes in June 2030.
Despite facing some criticism from certain quarters, he stressed the importance of laying the groundwork so that Korea can progress towards future objectives.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Korea unlikely to join CPTPP by 2030 koreatimes.co.kr
