Experts say Korea should seriously consider joining CPTPP and a belated entry will incur losses

The Ministry of Trade, Industry and Energy held a virtual meeting with CPTPP global experts

“Korea’s CPTPP membership will immensely contribute to strengthening the trading system”

Renowned global experts advised Korea should seriously consider joining the Comprehensive and Progressive Agreement of Trans-Pacific Partnership (CPTPP). The Ministry of Trade, Industry and Energy announced it virtually held “Global Experts’ Seminar on CPTPP” on October 21st, which was chaired by Yeo Han-koo, the Minister of Trade and was participated by trade experts from CPTPP member countries and relevant countries.

The seminar was held under the theme of “The future of CPTPP and Korea’s role” and discussed the changing patterns of the trading environment in the Asia Pacific region, the prospects of the trading environment in the region and Korea’s role as a trading powerhouse in the region. CPTPP is a trading bloc that was newly created by 11 countries ？ mainly Australia, Canada, Japan, Mexico and Singapore ？ after the Trans-Pacific Partnership (TPP), which was led by the United States and Japan, virtually failed with the U.S. pulling out from the Partnership. CPTPP came into effect on December 30, 2018. CPTPP is a large-scale free trade agreement that covers countries producing 13% of global GDP and 15% of global trade. The Korean government is reportedly known to decide on joining the CPTPP as early as October 25th.

Experts who participated in the seminar strongly recommended Korea to join the CPTPP, naming Korea is an ideal candidate to gain membership of the trading bloc. Wendy Cutler, the Vice Presidents of the Asia Society Policy Institute mentioned, “With application for membership by China, Taiwan and the UK, the CPTPP is met with a new turning point” and added, “Korea should also seriously consider joining the CPTPP.”

Deborah Elms, the Executive Director of the Asian Trade Centre stressed, “Korea should express its intention to join the CPTPP at the earliest date possible, and a belated decision will cost the country with losses.” Stephen Woolcock, a professor at the London School of Economics, also shared a similar tone and said, “CPTPP can contribute to establishing a more inclusive rules-based trading system and Korea’s CPTPP membership will be beneficial for the country in the long term.”

Jeffrey Wilson, the Research Director at the Perth USAsia Centre mentioned, “Korea’s CPTPP membership will immensely contribute to strengthening a rules-based trading system considering that the country is the 10th largest economy and is also a country advocating cooperation through trade.” Yeo Han-koo, the Trade Minister, said, “Korea is investing efforts to secure its leadership position in trade in the region and to establish stable supply chains by being prepared to bring the Regional Comprehensive Economic Partnership (RCEP) into force and considering joining the Digital Economy Partnership Agreement (DEPA)” and added, “We are seriously considering joining the CPTPP, which has a high strategic value.”

[This news is provided by Newsis]？