President Lee Jae Myung ordered the government not to file a CPTPP application in 2026 so talks with farmers and fishermen can continue, spokesperson Kang Yu-jung said.
President Lee Jae Myung ordered the government on Thursday not to apply this year to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, his spokesperson said. Kang Yu-jung said he also told ministries to keep listening to farmers and fishermen rather than set a deadline.
Seoul has been reviewing membership in the 12-country pact, whose members include Japan, Mexico, Australia, Canada and Vietnam. Yonhap said those members accounted for about 15.2 percent of global trade in 2019. Farm and fishing groups have opposed entry because cheaper imports could cut their income.
Kang said the order followed a cabinet discussion on Tuesday. Officials noted that, for Korea's bid to be considered at a CPTPP ministerial meeting in November, a public-hearing notice had to be posted in the official gazette by mid-October. Thursday's instruction drops that timetable for 2026.
A government projection released last month, cited by Yonhap, estimated an extra 0.38 percentage point of gross domestic product over 10 years if Korea joined, and an extra 6.7 trillion won a year in manufacturing output for 15 years. Agricultural and fisheries production was projected to fall by about 850 billion won a year.
Kang said the pact remains an option Korea should consider as the trade order changes, but that trade policy has to rest on the trust of farmers and fishermen. No application was filed with the announcement.
People Sentiments Mixed
- Kang Yu-jung said Lee ordered that Korea not apply for CPTPP membership within the year.
- She said ministries should listen to farmers and fishermen rather than set a deadline.
- She said trade policy has to be based on the trust of people in those sectors.