South Korea Announces Intent to Join Regional Free Trade Pact
South Korea says it will formally apply to join a regional free trade agreement in an effort to boost trade and expand its presence in the global economy.
Finance Minister Hong Nam-ki said Monday that Seoul has begun the process to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). It was formed in 2018 as a successor to the Trans-Pacific Partnership negotiated during the administration of former U.S. President Barack Obama in an effort to blunt China’s growing economic clout in the region. His successor, Donald Trump, withdrew the U.S. from the TPP shortly after taking office in 2017.
