South Korea weighs CPTPP bid as President Lee seeks compensation for primary-sector losses

  • President Lee Jae-myung called for CPTPP consultations and compensation for affected primary industries.
  • Agriculture, forestry and fisheries output would decline by 852.3 billion won annually over 15 years.
  • The South Korean government has not decided whether to join the CPTPP.

President Lee Jae-myung called for compensation measures and thorough consultations as South Korea considers joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). A preliminary government assessment projects that membership would lift real gross domestic product by 0.38 percentage point after 10 years and add 6.3 trillion to 6.7 trillion won in average annual manufacturing output over 15 years, while agriculture, forestry and fisheries would lose an estimated 852.3 billion won annually. Lee said gains from expanded trade should be shared with sectors facing losses, proposing a charge on additional exports generated by free trade agreements and public funding to address shortfalls at the Agriculture and Fisheries Cooperation Fund. The government has not decided whether to apply and plans to collect views through briefings and meetings. South Korea's potential entry would require unanimous approval from the CPTPP's 12 members, while supporters argue that the pact could improve export access and agriculture and fisheries groups remain concerned about import competition.

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