The government stresses the need for Korea to join the CPTPP as China and Taiwan apply for membership
- The Ministry of Trade, Industry and Energy held a meeting with key stakeholder manufacturers deemed to be affected by Korea joining the CPTPP
- Stakeholder industries say Korea’s CPTPP membership will contribute to more exports as it will allow greater access to the ASEAN and the Indian market
Jeon, Yoon-jong, the head of the Office of FTA Negotiations at the Ministry of Trade, Industry and Energy, stressed the need for Korea to act proactively to join the Comprehensive and Progressive Agreement of Trans-Pacific Partnership (CPTPP) on October 7th. This was mentioned during a meeting with key stakeholder manufacturers deemed to be affected by Korea joining the CPTPP, which was hosted by Mr. Jeon the same day. He also shared the fast-shifting trading environment triggered by China and Taiwan seeking CPTPP membership in the Asia-Pacific region with entrepreneurs from relevant business sectors.
In his introductory remarks, Mr. Jeon mentioned, “Our government has aggressively assessed the need to join the CPTPP and engaged in preparations needed from home and abroad.” He also commented on the need to be more proactive in joining the CPTPP to upgrade supply chains of our manufacturers and secure a leading position in trade in the Asia-Pacific region at a time of heightened strategic interest of joining the CPTPP triggered by China and Taiwan seeking membership.
Entrepreneurs present at the meeting anticipated that Korea’s CPTPP membership will not only have an effect of signing a Free Trade Agreement with Mexico, but will also produce an additional effect of boosting exports of our manufacturers as joining the CPTPP will allow greater access to the ASEAN market such as Vietnam and Malaysia. They also requested the government to reflect the voices and the interests of relevant sectors in future negotiations during the course of seeking CPTPP membership. The Ministry of Trade, Industry and Energy will hold another meeting on October 14th by inviting relevant entrepreneurs engaged in emerging industries such as the semiconductor, biomedical and digital industries.
[This news is provided by Newsis]