Seoul: Seoul plans to apply for membership of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on an expedited basis in April 2022, South Korea’s finance minister, Hong Nam-ki, said on Monday.
The CPTPP is a major free-trade bloc made up of 11 nations including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam with the objective of supporting sustainable and inclusive economic development.
A ministerial task force will be set up by Seoul to discuss the possible outcomes of joining the CPTPP, Hong noted during a meeting with trade and export officials, the Yonhap news agency reported.
South Korea is aiming to finish the first step in a long and complicated admission process in mid-April 2022 by fast-track building of social consensus on the matter, Hong added.
According to the block’s rules, the accession process is preceded by several rounds of talks, both inside the CPTPP and with the applicant state, creation of working groups and completion of necessary reforms.