Korea to review joining CPTPP for export growth

Korea will review joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to broaden its trade network and reduce reliance on traditional export markets, Industry Minister Kim Jung-kwan said Tuesday. In a policy briefing to President Lee Jae Myung, Kim identified the review as a key agenda item for the second half of this year. “We will review joining the CPTPP to secure new markets, such as the Association of Southeast Asian Nations and Mexico, and accelerate exports of K-content and consumer goods,” Kim said. He stressed that the government would “fully gather opinions from interested parties, including the agricultural and fisheries sectors and the National Assembly,” acknowledging the sensitivity of the trade pact for domestic producers. The CPTPP is one of the world's largest free trade agreements, comprising 12 economies and reducing or eliminating tariffs on most goods traded among its members while establishing common rules for trade, investment and digital commerce. Its 12 members are Japan, Australia, Canada, Mexico, the United Kingdom,