The South Korean government has begun gathering public opinion and initiating discussions regarding its potential membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The government plans to analyze the economic impacts and industry-specific effects while considering the concerns of the sensitive agricultural and fisheries sectors before making a decision on membership.
On August 27, the Ministry of Economy and Finance held the 273rd Foreign Economic Ministers' Meeting at the Government Seoul Complex, chaired by Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol, to discuss the future direction regarding CPTPP membership.
The government believes that joining the CPTPP could strengthen ties with like-minded middle powers, stabilize key supply chains, and expand export markets.
However, the government intends to carefully assess whether CPTPP membership would provide tangible benefits to national interests and livelihoods before proceeding.
Given the high level of market openness associated with the CPTPP, the government plans to conduct an objective analysis of the economic effects and industry-specific impacts of membership and communicate the findings to the public.
In particular, the government will closely examine the potential damages and impacts that the agricultural and fisheries sectors are concerned about and will ensure that sufficient on-the-ground opinions are collected. If membership is pursued in the future, the government aims to proactively establish effective domestic supplementary measures.
The meeting also discussed ways to expand economic cooperation with Central Asia. The government plans to promote cooperation projects in three key areas—core minerals and energy supply chains, artificial intelligence (AI) and biotechnology, and transportation, logistics, and talent development—during the first Korea-Central Asia Summit to be held in September.
The goal is to combine the resources and growth potential of Central Asia with South Korea's technology, finance, and policy experience to establish stable supply chains and enhance export and contract opportunities for domestic companies.
To strengthen cooperation with Africa, the Ministry of Economy and Finance will host the 8th Korea-Africa Economic Cooperation Conference (KOAFEC) from October 8 to 11, in collaboration with the African Development Bank and the Korea Export-Import Bank.
Marking the 20th anniversary of KOAFEC, the conference will present a new vision and implementation plan for Korea-Africa economic cooperation centered on AI and digital transformation. The aim is to expand the growth foundation of African countries through development cooperation while also broadening opportunities for domestic companies to enter local markets.
Support for overseas contracts will expand from traditional infrastructure focused on civil engineering and construction to high-value sectors such as eco-friendly and smart infrastructure and nuclear power. The government plans to consolidate policy finance and diplomatic capabilities to support the entire process from project discovery to financial assistance and post-contract support.
Meanwhile, regarding the Middle East, the government plans to focus support on key projects expected to be contracted within the year, considering the challenging conditions for overseas contracts due to delays in orders this year compared to last year.
* This article has been translated by AI.
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