President Lee Jae Myung pledged to protect South Korea’s agriculture, fisheries and livestock industries as concerns grow over the potential impact of the country joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
“Agriculture, fisheries and livestock are strategic industries tied to national security. Please do not worry,” Lee wrote on X, stressing that the government would fully consult affected industries before moving forward with CPTPP accession.
His remarks came after the government released an analysis estimating that joining the CPTPP could reduce annual production in the agriculture, forestry and fisheries sectors by about 850 billion won ($626 million) on average over 15 years, while boosting manufacturing output and overall economic growth.
Lee said free trade agreements are inevitable for South Korea, an export-dependent economy, but argued that those who benefit from expanded trade should help compensate sectors that suffer losses.
He also said the government would fill a previously unmet 1 trillion won fund commitment with state finances and pledged to meet farmers, fishers and livestock producers in person to hear their concerns.
“The importance of agriculture, fisheries, livestock and forestry as strategic security industries is something I understand better than anyone,” Lee said.
cheesuk@heraldcorp.com