Lee Says CPTPP Entry Unavoidable; Membership During His Term Unlikely

President Lee Jae Myung stated that South Korea's entry into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is unavoidable, despite concerns from the agricultural and fishing sectors.

During a meeting with industry representatives, Lee emphasized the need for the country to align with global trade trends, noting that while CPTPP membership could enhance exports, it may negatively impact local farmers and fishermen due to increased imports of cheaper products.

Lee ordered the government to refrain from applying for CPTPP membership this year, promising to engage in further consultations with affected stakeholders. He acknowledged the frustrations within these sectors but insisted that the overall benefits for the country must be prioritized.

The president expressed concerns about South Korea's trade power if it resists global liberalization efforts, stating, "In the end, it would have no other choice but to decide in line with the broad trend for the future."

While he believes that negotiations for CPTPP membership could be lengthy and unlikely to conclude during his term, he reassured the agricultural and fishing communities that the government would work to mitigate any unfair damages resulting from the agreement.