South Korean President Lee Jae Myung has signaled that the nation is unlikely to complete accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) during his presidential term, opting instead to prioritize extensive dialogue with local agricultural and fishing communities.
Speaking with industry stakeholders, Lee confirmed that his administration has ordered a halt to membership application plans for the year, underscoring that domestic consensus must take precedence over rushing to meet regional trade deadlines.
“We need to obtain permission from all 12 member countries” in the partnership if South Korea applies, Lee said at a meeting with farmers, fishermen and forestry workers. “The possibility that it will not be completed within my term is far higher.”
While acknowledging that expanding overseas market access is essential for South Korea’s export-driven economy, Lee stressed that the government must carefully address deep-seated concerns from rural and coastal sectors.
Recent government assessments project that joining the 12-nation mega trade bloc could boost South Korea’s real gross domestic product by 0.38% over a decade.
However, the same estimates warn that agricultural, forestry, and fisheries production could decline by roughly 850 billion won annually over a 15-year period due to heightened competition from cheaper foreign imports.
Lee’s term runs until June 2030.
