Finance Minister says joining CPTPP will benefit S. Korean economy
Updated: 2022-05-19 17:06:26 KST
Finance Minister Choo Kyung-ho, speaking to lawmakers today, said it's important for South Korea to join the CPTPP one of the world's largest trading blocs known in full as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership.
Answering questions on Thursday at the National Assembly's budget committee, Minister Choo said joining the CPTPP will bring considerable benefits to the Korean economy.
These include stable supply chains and stronger strategic ties with member states.
But he noted that an increase in imports could bring some negative impacts too, specifically to the agricultural and fisheries sectors.
Choo said his ministry will work on ways to help these sectors and report back to the Assembly before submitting an official application for Korea to join the bloc.