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SEOUL, Oct. 8 (Yonhap) -- President Lee Jae Myung ordered the government Thursday not to apply for membership to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) this year to allow time for sufficient discussions with farmers and fishermen, his spokesperson said.
The government has been reviewing whether to join the major Indo-Pacific trade agreement comprising 12 countries, including Japan, Mexico, Australia, Canada and Vietnam. Together, the member countries accounted for about 15.2 percent of global trade in 2019.
President Lee Jae Myung (Yonhap)
The move has faced opposition from farming and fishing industries, however, over concerns larger imports of cheaper agricultural and fishery products could erode their income and production bases.
"President Lee Jae Myung ordered that we not apply for CPTPP membership within the year," Kang Yu-jung said in a written press briefing. "He also urged relevant ministries to listen sincerely to the voices of farmers and fishermen and continue to have discussions, rather than setting a deadline."
Lee's instruction came after the topic of CPTPP membership was discussed during a Cabinet meeting Tuesday, Kang said. At the meeting, officials pointed out that in order for South Korea's membership to be considered during a CPTPP ministerial conference in November, plans for a public hearing on the matter had to be posted to the official gazette by mid-October at the latest.
"At a time when the international trade order is rapidly changing, the CPTPP is an option the Republic of Korea should consider with priority as we strive to become a global trading state," Kang said.
"However, trade policy is directly connected to the people's lives," she added. "In particular, they must be pursued based on the trust and shared understanding of the farmers and fishermen who are experiencing difficulties."
According to a government projection released last month, the country's gross domestic product is estimated to grow by an additional 0.38 percentage point over 10 years following its potential entry into the CPTPP, while production in the manufacturing sector is expected to increase by another 6.7 trillion won (US$4.99 billion) per year for 15 years following its membership.
Production in the agricultural and fisheries sectors, however, is projected to decline by approximately 850 billion won annually.
hague@yna.co.kr
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