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Hong Nam-ki, who serves as a deputy prime minister and minister of finance for South Korea, chairs a meeting of export and trade officials on Monday. (provided by the Ministry of Economy and Finance)

The South Korean government has set next April as when it plans to formally submit its application to become a member of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Hong Nam-ki, South Korea’s minister of economy and finance, said during a meeting on Monday that “the goal is to submit the [CPTPP] application for membership by next April.”

“We will speed up related procedures such as collecting public opinion and building consensus regarding the application,” Hong said.

“The task force of related ministries will discuss the possible impacts [of CPTPP membership] on sensitive areas as well as directions for supplementary measures. It will also conduct unofficial talks and consultations with member countries such as Singapore, the chair country, and Mexico and New Zealand, vice-chairs, next year,” Hong added.

This is being interpreted as a move to complete preparations for the application so that the incoming administration following next year’s presidential election in March will be able to swiftly submit the application.

In addition, the government also plans to review the Indo-Pacific economic framework which the US is actively promoting.

“Recently, the United States has proposed an Indo-Pacific multilateral economic framework to strengthen cooperation in key areas such as supply chains, the digital economy, infrastructure, decarbonization, as well as infrastructure cooperation initiatives such as the B3W [Build Back Better World] in developing countries, where competition between major countries is fierce,” the finance minister added.

“From the perspective of maximizing national interest, we will decide whether to participate and the level of cooperation by comprehensively considering the effects of economic cooperation, diplomatic and security considerations, corporate impact, and the positions of major countries,” Hong said.

By Lee Jeong-hun, staff reporter

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