Song Kyung-jin200
With the U.S. tariff regime and the rise of protectionism, as well as supply chain disruptions stemming from the conflict in the Middle East, regional and plurilateral trade agreements like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are gaining more steam and importance in keeping free trade flowing, diversifying trade, supporting growth and maintaining economic resilience. Countries such as Costa Rica, the Philippines, Indonesia and Thailand either have started the accession process or are considering it, following the United Kingdom's successful entry in 2024.
Business leaders of Korea and Japan have also expressed their collective view on the significance of Korea joining the 12-member CPTPP at the annual Korea-Japan Business Council on May 20 in Tokyo.
Amid this new trade environment, media reports last week indicating that the Korean government is set to apply for membership in the CPTPP in late June are encouraging. Equally encouraging is that Japan will reportedly support Korea’s accession to the CPTPP without requiring Seoul to lift the import ban on seafood from the Fukushima area as a prerequisite to joining.
However, Korea’s Ministry of Trade, Industry and Resources denied the reports, claiming that no decision has yet been made regarding its accession to the CPTPP and that a final decision will be reached only after a careful and thorough review in consultation with relevant stakeholders.
