WORLD South Korean president says to consider joining CPTPP

WORLD

South Korean president says to consider joining CPTPP

Xinhua

17:47, December 08, 2020

SEOUL, Dec. 8 (Xinhua) -- South Korean President Moon Jae-in said Tuesday that his government will continue to consider joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

File photo: AFP

With the signing of the Regional Comprehensive Economic Partnership in November, South Korea will complete free trade agreement negotiations with Indonesia and Israel by the end of this year to diversify its export markets, Moon said at a ceremony for the nation's 57th Trade Day.

The president said his country will speed up free trade negotiations with India, the Philippines, Cambodia and Uzbekistan, while expanding exports through free trade talks on services and investment with China and Russia.

He said the country will continue to review joining the CPTPP, vowing to speed up trade talks with countries in Latin America, such as Brazil, Argentina and Mexico.

"(South Korea) will actively participate in discussions by the international society, including WTO and G20, to restore free trade and multilateralism and lower trade barriers," Moon said.

He also pledged to enhance the competitiveness of South Korea's manufacturing industry and foster three new export engines, namely future cars, system semiconductors and bio-health.

The CPTPP is a major trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, and Vietnam. It was signed in March 2018 and entered into force in December 2018.

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