S Korea to soon decide whether to join CPTPP in November after China, Taiwan

ANI
25 Oct 2021, 11:57 GMT+10

Seoul [South Korea], October 25 (ANI/Global Economic): The South Korean government will decide to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) next month. As China and Taiwan recently submitted an application to join, the government also agreed that Korea cannot delay the decision any longer.

The government is planning to hold a foreign ministers' meeting as early as November to decide whether to join the CPTPP. The meeting was initially scheduled for October 25 but was reportedly postponed to early next month, considering internal reviews and the G20 finance ministers meeting held on October 14.

CPTPP was an FTA between the US and Asia-Pacific regions led by the US Obama administration under the name of the Trans-Pacific Strategic Economic Partnership (TPP). However, as the Trump administration declared its withdrawal from the TPP, it was renamed CPTPP and launched.

Amidst the current situation where the China-oriented global value chain (GVC) is weakening due to the US-China trade war and COVID-19 pandemic, CPTPP is expected to be a strong market of GVC, especially in Japan and some ASEAN countries.

President Moon Jae-in previously mentioned 'trade strength' at the 'trading day' event held in December last year and said he would speed up joining the CPTPP. As multilateralism led by the World Trade Organization (WTO) has weakened and the importance of the Mega FTA has emerged, the government has been considering joining the CPTPP in preparation for the CPTPP trade bloc in the Asia-Pacific region.

Britain, which withdrew from the EU, officially submitted formal requests to join in February this year, and China and Taiwan last month. (ANI/Global Economic)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Malaysia Sun.

More Information

null in null

Southeast Asia

Section

Indian Coast Guard launches awareness campaign to attract young recruits

Ranchi (Jharkhand) [India] July 11 (ANI): The Indian Coast Guard has launched a nationwide awareness campaign from July 14 to July...

Indian Embassy in Kathmandu facilitates one-month training for Nepali U-19 cricketers in Bhopal

Kathmandu [Nepal], July 11 (ANI): The Indian Embassy in Kathmandu has announced facilitation for three cricket players from Nepali...

Jasprit Bumrah topples Kapil Dev's record for most five-wicket hauls for India in away Tests

London [UK], July 11 (ANI): World best Jasprit Bumrah breezed past the legendary Kapil Dev to break the record for most five-wicket...

"Uski apni problem hogi...": Ajay Devgn reacts to Diljit Dosanjh-Sardaar Ji 3 row

Mumbai (Maharashtra) [India], July 11 (ANI): Bollywood star Ajay Devgn on Friday reacted to the backlash over Diljit Dosanjh-starrer...

Trump said "16 times" that he ended India-Pakistan war, PM Modi didn't have courage to speak against it: Kharge

Bhubaneswar (Odisha) [India], July 11 (ANI): Congress chief Mallikarjun Kharge on Friday launched a scathing attack on Prime Minister...

"Agreed on several issues in tariff talks with US": Bangladesh Commerce Secretary

Dhaka [Bangladesh], July 11 (ANI): Bangladesh and the United States have made progress in their tariff talks, with both sides agreeing...

Business

Section