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]?
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