Lee Orders South Korea Not to Apply for CPTPP Membership This Year

In a significant shift in trade strategy, President Lee Jae Myung has ordered the South Korean government not to pursue membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) this year. This decision aims to allow for more thorough discussions with the agricultural and fishing sectors, which have expressed concerns about potential negative impacts on their livelihoods.

The CPTPP, which includes 12 member countries such as Japan, Australia, and Canada, represents a substantial portion of global trade. However, the farming and fishing industries have voiced fears that increased imports of cheaper products could undermine their income and production.

Kang Yu-jung, a spokesperson for President Lee, emphasized the importance of engaging with farmers and fishermen to ensure their voices are heard. The government had been considering CPTPP membership, but the president's directive highlights the need for a careful approach to trade policy, especially as it directly affects the lives of citizens.

This decision follows discussions in a recent Cabinet meeting, where officials noted that for South Korea to be considered for CPTPP membership at the upcoming ministerial conference, public hearings would need to be scheduled soon. While the CPTPP is seen as a priority for enhancing South Korea's global trade standing, the administration recognizes the necessity of building trust with affected industries before making any commitments.