The South Korean government has decided to join the Japan-led Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Amid heightened fears of a tit-for-tat trade war, the government has made the decision on the grounds that South Korea might lose ground in the global market given intensifying Trump’s tariff trade war and creation of economic blocs.
"The government will decide whether to join the Comprehensive and Progressive Pacific Partnership (CPTPP) within the first half of this year after having discussions among government agencies, and will take necessary steps for domestic procedures conforming to the relevant law,” Finance Minister Kim Dong-yeon said Monday in a ministers’ meeting held at the central government complex in Seoul.
Earlier, the government deferred its decision on joining of the trade pact saying that it would decide on the matter within the year. But as the United States recently announced it would return to the trade deal it pulled out in January 2017, the discussion has gained momentum quickly.
Gun-Huk Lee email@example.com