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Government of South Korea reviewing mega free Trans-Pacific trade pact

Government of South Korea reviewing mega free Trans-Pacific trade pact
Government of South Korea reviewing mega free Trans-Pacific trade pact

As a part of South Korea’s ambition to become a leader in trade across the Asia-Pacific, the country’s trade ministry is reportedly reviewing participating in a mega free-trade pact that includes various countries from the region.

The Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is reportedly a renegotiated version of the Trans-Pacific Partnership (TPP) which was led by the former the President of the U.S. Barack Obama.

Sources have reported that eleven nations, including Japan, are participating in the pact. South Korea, however, has not made clear its decision to join the mega deal and is closely analyzing the related situation, which includes the possible membership of Taiwan and China. The two countries have reportedly joined the Pacific trade pact, earlier this month.

According to South Korea’s trade minister Yeo Han-koo, the country is an ideal partner for the pact given its competitiveness in various industries and technologies.

Han-koo stated that South Korea is planning to make the final decision at a time when the country can benefit substantially. The minister also added that the deal is valuable for the country's vision to lead the trade in the Asia-Pacific and to develop its supply chains.

Yeo further stated that the government will continue to take opinions from domestic businesses and experts to sustain the changing business environment across the globe.

South Korea has reportedly been attempting to expand its trade ties with partners from Asia-Pacific.

If sources are to be believed, the country, at present, is awaiting the conclusion of the Regional Comprehensive Economic Partnership (RCEP), which was supposedly signed in November 2020. The partnership agreement, which, comprises the Association of Southeast Asian Nations (ASEAN), South Korea, Japan, China, Australia, and New Zealand, will be effective from 2022.

Earlier this month, South Korea also unveiled its intention to participate in the Digital Economy Partnership Agreement (DEPA) which took effect in January 2021. It includes New Zealand, Singapore, and Chile.

Source credit: http://www.koreaherald.com/view.php?ud=20210930000588&np=1&mp=1

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Vinisha Joshi

Vinisha Joshi

Despite graduating with an engineering degree in electronics and communication, Vinisha Joshi chose the road less travelled, and decided to pursue her career in content writing . Currently, she pens down articles for cuereport.com and a few other distinguished news platforms, pertaining to business and finance.