Seoul Asks for Malaysia's Cooperation
South Korean Trade Minister Yoo Myung-hee met with Malaysian Economic Affairs Minister Mohamed Azmin Ali in Seoul on April 1. During their meeting, the former asked the Malaysian government to cooperate for South Korea’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
At present, the CPTPP has 11 member states, including Japan, New Zealand and Malaysia. Any state wishing to join it is required to have individual negotiations with the 11 countries before an official membership request. The United Kingdom made its official application on Feb. 1.
South Korea’s negotiations are likely to take years after initiation. It is yet to be determined whether the 11 states will conduct market opening negotiations with each of the applicants or the applicants as one group. South Korea must prepare tariff elimination and reduction schedules for 6,000 or so items, including sensitive items such as agricultural and fisheries products.
On the other hand, the level of market opening of the 11 states is not a matter of negotiation in the process. The CPTPP requires a commodity trade liberalization level of 95 percent to 100 percent on an item count basis along with tariff elimination within 21 years. Any country wishing to join it must provide the highest level of market opening.
The two ministers also discussed cooperation in future industries such as EV battery material and solar power generation component. The Malaysian minister said that his country would actively support South Korea’s investment in the battery material industry.