Overview
- President Lee met about 110 farmers and fishermen on Monday and ordered that South Korea will not apply for CPTPP membership this year to allow further talks with affected sectors.
- Lee described joining the 12-nation trade pact as unavoidable for South Korea’s export-led economy but said final accession is unlikely to be completed during his term because negotiations can take years.
- A government assessment released in late September estimated CPTPP accession would raise real GDP by about 0.38% over 10 years while cutting agricultural, forestry and fisheries output by roughly 850 billion won a year over 15 years.
- Lee pledged that farmers and fishermen would not bear unfair losses and cited past shortfalls in a rural cooperation fund as a reason the government must guarantee credible compensation and safeguards.
- The next steps are extended consultations, design of compensation and protective measures, and preparatory work for a phased accession process that still requires unanimous approval from existing CPTPP members.