South Korea unlikely to join CPTPP during Lee’s term

South Korean President Lee Jae Myung said on Monday that the country was unlikely to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) during his term, citing the need for approval from all 12 member countries and further consultations with farmers and fishers.

South Korean President Lee Jae Myung said on Monday that the country was unlikely to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) during his term, citing the need for approval from all 12 member countries and further consultations with farmers and fishers.

“We need to obtain permission from all 12 member countries” if South Korea applies to join the trade pact, 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,” he added. Lee’s term runs until June 2030.

Earlier this month, Lee instructed government officials not to apply for membership this year, calling for further dialogue with agricultural and fishing communities before deciding whether to pursue accession.

The CPTPP is a 12-member trade agreement aimed at reducing barriers to trade among participating economies. Supporters say membership could expand market access for South Korean exporters, but farmers and fishers have raised concerns about competition from cheaper imports.

Government projections indicate that joining the pact could increase South Korea’s real gross domestic product by 0.38 percentage points over 10 years.

However, the same assessment estimated that production in the agricultural, forestry and fisheries sectors could decline by about 850 billion won ($580 million) annually over a 15-year period.

Lee has said the government must consider the concerns of rural and coastal communities and build consensus before deciding on membership.