Korea unlikely to join CPTPP by 2030
President Lee Jae Myung speaks during a meeting with representatives from the farming, livestock, forestry and fisheries sectors at Cheong Wa Dae in Seoul, Monday. Yonhap
President urges groundwork for entry
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 Cheong Wa Dae, Lee said joining the mega trade bloc requires approval from every member country, making negotiations potentially lengthy.
The CPTPP comprises 12 countries, including major economies such as Japan, the United Kingdom, Canada and Australia.
It accounts for about 15 percent of global gross domestic product, making it one of the world’s largest free trade blocs.
“Even if we pursue CPTPP membership, it is far more likely that a final agreement will not be reached during my term,” Lee said, referring to his single five-year presidency, which ends in June 2030.
“Nevertheless, for the country as a whole, we have to do the groundwork despite some criticism so we can move to the next stage.”
The president stressed the need to join the pact, despite having told officials earlier this month to delay the application until after this year and hold more talks with farmers and fishers.
The application was postponed after agricultural groups protested further market opening, with their concerns growing after the government released an impact assessment on Sept. 28.
Farmers have also protested a separate nationwide farmland survey.
The analysis projected annual agricultural production losses averaging 710 billion won ($536.37 million) in the first 15 years after the pact takes effect for Korea.
Fisheries and forestry production were forecast to decline by 81.7 billion won and 60.6 billion won annually, respectively.
Manufacturing-related production, however, was projected to increase by 6.3 trillion won to 6.7 trillion won annually over the same period.
Lee acknowledged that farmers and fishers had made substantial sacrifices as Korea expanded its export markets, saying the country now had sufficient resources to support vulnerable sectors while pursuing necessary policies.
“We cannot live on semiconductors alone, but neither can we live on agriculture alone,” he said. “Everything must coexist in harmony.”
He rejected the notion that gains for the majority justify imposing losses on smaller groups.
“People must not be forced to suffer losses unilaterally simply because they lack power or are few in number,” Lee said.
Calling primary industries essential to national survival and security, he pledged to narrow differences and develop safeguards against damage to those sectors.
The Ministry of Trade, Industry and Resources maintains that membership is necessary to diversify export markets and strengthen supply chains.
At a parliamentary audit on Thursday, Minister Kim Jung-kwan said, “As the minister responsible for trade, I will make sure we join CPTPP.”
The minister said his position broadly aligned with the president’s, describing further consultations as a way to build support among farmers and fishers.