South Korea finance minister says country is willing to join CPTPP trade pact
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With an annual GDP of US$1.64 trillion, South Korea would be the third-largest economy to join the trade pact.
PHOTO: REUTERS
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SEOUL (REUTERS) - South Korea's finance minister on Monday (Dec 13) said the country will begin preparations to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trading bloc.
"South Korea will initiate relevant procedures based on discussions with various stakeholders to push for the membership at the CPTPP," Mr Hong Nam-ki said at a policy meeting in Seoul.
CPTPP is a free trade agreement that links Canada, Australia, Brunei, Chile, Japan, Malaysia, Mexico, New Zealand, Peru and Singapore.
In October, South Korea's trade minister Yeo Han-koo said the government is "seriously and actively considering" the issue.
Applications from both China and Taiwan earlier this year to join the deal initially designed by the US to sideline Beijing had left CPTPP members scrambling to calculate the benefits, or risks, of accepting both or just one into the pact.
The development has also stirred renewed interest in the deal at a time when supply chain disruptions are raising the importance of close trade relations.
With an annual GDP of US$1.64 trillion(S$2.23 trillion), Korea would be the third-largest economy to join the US$13.5 trillion trade pact after Japan and Canada.
Britain has also applied to join this year.
