President Lee Jae-myung announced on October 8 that the government will not apply for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) this year.
Kang Yu-jeong, the chief spokesperson for the Blue House, stated in a written briefing that "there was a discussion about joining the CPTPP at last Tuesday's Cabinet meeting." She added, "To discuss Korea's CPTPP membership at the ministerial meeting scheduled for November, plans for a public hearing must be announced by mid-October at the latest."
She emphasized, "In a rapidly changing international trade environment, the CPTPP is an important option that Korea, aiming to be a global trading nation, should seriously consider."
However, she noted, "Trade policies that directly affect the lives of citizens must be pursued based on the trust and consensus of farmers and fishermen who are facing difficulties." President Lee has directed that the application for CPTPP membership not be submitted this year. He urged relevant ministries to engage sincerely with farmers and fishermen, listening to their voices and maintaining ongoing dialogue rather than setting deadlines.
She particularly stressed, "Restoring trust between the government and farmers is a priority," and mentioned that the government plans to secure the remaining 700 billion won of the 1 trillion won fund promised during the ratification of the Korea-China FTA in 2015 through its budget. "The people's sovereignty government will ensure that no citizen, including farmers and fishermen, is left behind and will communicate sufficiently," she promised.
Meanwhile, according to the Ministry of Trade, Industry and Energy and other relevant agencies, joining the CPTPP is projected to increase South Korea's real GDP by 0.38 percentage points over ten years and boost manufacturing output by an average of 6.7 trillion won annually over the next 15 years. However, it is also anticipated that opening the market could lead to an average production decrease of about 850 billion won in the agricultural, forestry, and fisheries sectors.
* This article has been translated by AI.
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