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South Korea mulls joining CPTPP

South Korea is planning to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The country had initially not joined the agreement as its accession could lead to an increase in trade deficit with Japan. Furthermore, the country has already signed bilateral FTAs with nine out of the 11 countries except for Japan and Mexico.

However, increasing possibility of United States’ return to the agreement raised concern over South Korea’s alienation in trade. The government conducted studies on economic advantages and disadvantages and the agreement’s possible impact on the local job market, industries, etc. It then reached a conclusion that accession to the CPTPP would be highly beneficial and decided to join the agreement.

The South Korean government is mulling over when to sign it as external uncertainties are growing, including the ongoing trade disputes between the US and China, US economic sanctions on Iran and Turkey, and North Korean denuclearisation.

 

 
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