The South Korean government will decide on its accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in the near future, Deputy Prime Minister Kim Dong-yeon said, adding that the agreement could have a positive effect on the South Korean economy.
Kim said on June 15 that South Korea’s accession to the CPTPP could increase its GDP and enhance its industrial competitiveness. He added the government would make a decision on Korea’s accession after gathering opinions from the general public and interested industriies.
The CPTPP is a free trade agreement of 11 countries, including Japan, Australia, New Zealand and Canada. It was led by the United States at first, but the U.S. withdrew from the discussion, letting Japan to lead the conclusion of the agreement. The U.S. recently expressed its will to return.
The deputy prime minister also said that trilateral economic cooperation among the two Koreas and Russia is currently being discussed. “A South Korea-Russia summit is scheduled for next week and working-level talks are going on ahead of it,” he disclosed, adding, “Measures for more economic cooperation in the Far East Region will be prepared through the summit.”