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South Korean President Moon Jae-in gives a celebratory address to commemorate Trade Day at COEX in Seoul on Dec. 8. (Blue House photo pool)

South Korean President Moon Jae-in said on Dec. 8 that he is considering joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). It is the first time Moon has spoken about the CPTPP to date.

Speaking during a ceremony to mark the country’s Trade Day at COEX, Moon predicted, “The wave of trade protectionism will be strong, and there will be full-scale discussions on reorganizing the international trade order to respond to climate change.”

“I will also consider joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership,” he added. Stressing the need for market diversification for the sake of South Korean trade, he announced plans to speed up negotiations toward concluding the Regional Comprehensive Economic Partnership (RCEP) and free trade agreements (FTAs) with Indonesia and Israel, as well as the Pacific Alliance with countries such as Brazil and Mexico.

Chinese President Xi Jinping announced last month that he would “actively consider membership” in the CPTPP. The framework has been established under the leadership of Japan and others since the US bowed out under the Donald Trump administration. Once the administration of President-elect Joseph Biden takes office, the US is also likely to join the agreement as a way of restoring multilateralism and pressuring China.

“We may also join if necessary,” a Blue House official said on Dec. 8, adding that it “could be seen as significant that the president took the initiative to speak about it himself.”

In his remarks that day, Moon said, “While the international trade environment has been undergoing rapid changes, we plan to cooperate in a reciprocal way with our trade partners based on ‘trade that benefits people.’”

He also announced plans to “select 10,000 export-focused SMEs and startups each year to actively support their expansion into the global market through digital trade.”

By Lee Wan, staff reporter

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