The RoK has announced that it will decide whether to join CP TPP, within the first half of this year after considering its impact on the national economy and consulting with member states.
RoK's Finance Minister Kim Dong-yeon (Source: yonhap/VNA)
Seoul (VNA) – The Republic of Korea (RoK) has announced that it willdecide whether to join the Comprehensive and Progressive Agreement forTrans-Pacific Partnership (CP TPP), within the first half of this year afterconsidering its impact on the national economy and consulting with memberstates.
If necessary, the country will take steps for domesticprocedures and also monitor other countries’ moves closely, said FinanceMinister Kim Dong-yeon.
The official signing of CP TPP took place in Santiago deChile on March 8 (local time), with the participation of representatives from11 member countries, namely Australia, Brunei, Canada, Chile, Malaysia, Mexico,Japan, New Zealand, Peru, Singapore and Vietnam.
CP TPP was launched a year ago after the US withdrew fromthe Trans-Pacific Partnership (TPP) agreement.
The pact creates one of the world’s largest free trade blocswith a combined market of 499 million people and GDP of around 10,100 billionUSD, accounting for 13.5 percent of the global GDP.
The RoK has been in preliminary negotiations to participateas an associate member in the Pacific Alliance trade bloc comprised of Mexico,Chile, Peru and Colombia.
It has already signed FTAs with Chile, Peru and Colombia buthas yet to do the same with Mexico, which is the largest economy in thealliance.
Seoul will, moreover, open talks on forging a trade pactwith Mercosur, South America's leading trading bloc, composed of Brazil,Argentina, Paraguay and Uruguay, in the first half of this year, reportedYonhap News.-VNA
The newly-signed Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CP TPP), of which Vietnam and Chile are members, is expected to be a motivation boosting their economic ties.
Vietnam, as a big economy in ASEAN in terms of both trade and investment, has an important role in Japan’s strategy involving the Comprehensive and Progressive Trans-Pacific Partnership (CP TPP), according to a Japanese expert.
The signing of the CP TPP in Chile on March 8 will open up many opportunities for trade between Canada and Vietnam, said President and CEO of Asia-Pacific Foundation of Canada (APF) Stewart Beck.
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RoK's Finance Minister Kim Dong-yeon (Source: yonhap/VNA) 
