Government to Announce CPTPP Membership Decision as Early as Next Week... Hong Says "Final Stage of Decision"

G20 Accompanying Press Corps Washington Meeting

Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance, is speaking at a meeting with accompanying reporters on the 14th (local time) at the Fairmont Hotel in Washington D.C., USA. (Photo by Ministry of Economy and Finance)

[Washington D.C. (USA) = Asia Economy Reporter Son Sun-hee] The government is expected to decide as early as next week whether to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Deputy Prime Minister Hong, who visited the United States to attend the G20 Finance Ministers and Central Bank Governors Meeting and the International Monetary and Financial Committee (IMF), said at a press briefing held at the Fairmont Hotel in Washington D.C. that "we are in the final stages of the decision" when asked about the timing of joining the CPTPP, adding, "We need to reach a conclusion by the end of October or early November." In this regard, Deputy Prime Minister Hong plans to preside over the Foreign Economic Ministers' Meeting on the 25th to discuss the issue of CPTPP membership.

Hong said, "I came as Deputy Prime Minister for Economic Affairs in December 2018, and since then, I have held the position that joining the CPTPP is necessary," adding, "We have conducted inter-ministerial reviews for about two years, and we have done as much as possible regarding the inevitable domestic institutional improvements." He continued, "Now, the issue is whether to apply for CPTPP membership or not, and if so, when to do it," and said, "I think we have no choice but to decide on the 25th."

He added, on the premise of it being a 'personal opinion,' "As Minister of Strategy and Finance, I believe we should apply for CPTPP membership," and said, "It is an issue that requires coordination with the Ministry of Trade, Industry and Energy, the Ministry of Agriculture, Food and Rural Affairs, the Ministry of Foreign Affairs, and others."

The CPTPP is a coalition launched on December 30, 2018, by 11 countries including Japan, Australia, and Mexico after the United States withdrew from the Trans-Pacific Partnership (TPP), which was previously led by the U.S. Recently, China and Taiwan have also applied for CPTPP membership. Some speculate about the possibility of the U.S. returning.

Deputy Prime Minister Hong said, "The recent sudden applications for membership by China and Taiwan were important variables we had not considered during our discussions," adding, "Another variable is that the chairmanship currently held by Japan will change at the end of January next year." The Japanese government has so far been reluctant about South Korea joining the CPTPP, and there are analyses that if South Korea expresses its intention to join, Japan may demand the lifting of the ban on seafood imports from Fukushima.