Finance minister vows to expand trade network, review possible CPTPP membership
Finance Minister Koo Yun-cheol speaks during a ministerial meeting on external economic affairs at the Government Complex Seoul, Thursday. Yonhap
Korea's finance ministry vowed to make efforts to bolster the country's multilateral trade network, noting the government will begin gathering public opinion on possible membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Finance Minister Koo Yun-cheol made the remark during a meeting on external economic affairs with related ministers, stressing the need to enhance ties with like-minded nations to stabilize supply chains.
"We will review whether to seek membership by closely examining what tangible benefits to the national interest and people's livelihoods can be made from membership," Koo said in opening remarks.
"(As joining the CPTPP leads to) a high level of market opening, we will thoroughly analyze its economic effects and impact on different industries from an objective perspective and present the results to the public," Koo added.
The CPTPP is a multilateral trade pact led by Japan that currently includes 12 members, including Australia, Canada, Mexico and Britain.
Koo said the government will particularly examine the potential impact on the agricultural and fisheries sectors and carefully listen to opinions from those affected.
"Should we decide to seek membership in the future, we will preemptively prepare effective supplementary measures," Koo said.
The participants also discussed measures to expand economic cooperation with emerging partners through the summit between Korea and Central Asian nations and the economic ministerial meeting with African countries, both slated for next month.