RCEP vs. TPP
Deputy Minister for Trade Choi Kyung-lim at the Ministry of Trade, Industry and Energy said on Jan. 19 that the member countries of the Regional Comprehensive Economic Partnership (RCEP) are sharing the same goal of completing the negotiations within this year, and will hold summit talks in November to this end.
“Tight negotiation schedules are being prepared by the member countries, which will have four official talks in February, June, August and October and two ministerial meetings in April and August before the conclusion in November,” he remarked, adding, “Still, for now, it is rather unclear if the partnership will be able to be signed before the end of this year.”
He also mentioned that Korea is likely to decide on its participation in the Trans-Pacific Partnership (TPP) after its official conclusion because the negotiations are already at their final stage. “Although the TPP is expected to be signed in the first half of this year based on the rapid progress of the talks as of late, time will be taken until Korea gains support and approval from the 12 member countries,” the Deputy Minister explained.