The South Korean government will officially begin a review of joining an eleven-member trade bloc involving countries like Australia, Canada and Japan and take preparatory steps, such as improving relevant domestic systems.

The plan to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP) was finalized on Monday during a ministerial meeting led by Finance Minister Hong Nam-ki.

The decision comes amid the rising importance of "mega free trade agreements(FTAs)," and the accelerated economic polarization in the Asia-Pacific since the CPTPP took effect in late 2018.

Seoul also plans to complete ratification of the 15-member China-led Regional Comprehensive Economic Partnership(RCEP), signed in November last year, within the new year.

In line with the inauguration of the Joe Biden administration in the U.S., Seoul will seek to enhance the allies' economic cooperation in the areas of countering climate change, public health and quarantine, and cutting-edge technologies.