Hong Nam-ki, First External Economic Green Room Meeting... Discussion on Economic Security and CPTPP

Considering Economy and Security: Exploring Foreign Economic Strategies and Response Directions
Improving Domestic Systems for CPTPP and Creating Favorable Conditions for Accession

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance (center), is presiding over the Meeting of Ministers in Charge of External Economic Affairs (Green Room Meeting) at the Government Seoul Office in Gwanghwamun, Seoul, on the 17th. (Photo by Ministry of Economy and Finance)

[Sejong=Asia Economy Reporter Moon Chaeseok] Ministers in charge of foreign economic affairs are preparing measures regarding economic security amid the US-China hegemonic competition and the comprehensive and progressive Trans-Pacific Partnership (CPTPP) accession plan.

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, held a related ministers' meeting (Noksil meeting) on the morning of the 17th at the Government Seoul Office in Gwanghwamun, Seoul.

Attendees included Deputy Prime Minister Hong, Minister of Science and ICT Lim Hye-sook, Minister of Foreign Affairs Chung Eui-yong, Minister of Agriculture, Food and Rural Affairs Kim Hyun-soo, Minister of Trade, Industry and Energy Moon Seung-wook, Vice Minister of Oceans and Fisheries Eom Ki-doo, and Senior Secretary for Economic Affairs to the President Ahn Il-hwan.

This meeting was the first Noksil meeting dedicated solely to foreign economic issues. Participants reviewed major issues in the foreign economic sector and discussed systematic response measures.

First, regarding the US-China hegemonic competition, the need to protect advanced technologies is increasing, and economic issues are increasingly linked to security as global supply chains are being reorganized amid the COVID-19 situation. Accordingly, attendees discussed a foreign economic strategy and response direction that comprehensively considers economy and security on a broad scale.

Regarding the CPTPP accession push, they reviewed the progress and domestic and international conditions based on the four major domestic institutional improvements for CPTPP, unofficial consultations with member countries, and other results conducted so far.

The government announced that it would improve systems in four major areas?fisheries subsidies, digital trade, state-owned enterprises, and sanitary and phytosanitary measures?when promoting CPTPP accession.

Meanwhile, future response plans to create a favorable environment for CPTPP accession were also intensively discussed.