South Korean President Lee Jae Myung said on Monday that the country would not be able to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) during his term.
– “We need to obtain permission from all 12 member countries” in the partnership if South Korea applies, Lee said at a meeting with farmers, fishermen and forestry workers. “The possibility that it will not be completed within my term is far higher.” Lee’s term runs until June 2030.
– Lee instructed his ministers earlier this month to not pursue an application to join the trade group, citing significant impact on South Korean farmers.
– The CPTPP came into force in 2018, replacing the Trans-Pacific Partnership which fell apart after the US withdrew.