In a bid to achieve carbon neutrality by 2050, the government will mull how far it will raise its original target for carbon emission reduction to be met by 2030. 

During a meeting of economy-related ministers chaired by Finance Minister Hong Nam-ki on Monday, the government decided to closely consider a new level for the target, called the nationally determined contribution(NDC). 

Last month, the government revealed its intent to raise the NDC to be met by 2030 and report the enhanced target to the UN within this year.

The ministers also agreed to establish the tentatively named "Climate Response Fund" next year and support research and development as well as the commercialization of key technologies to achieve carbon neutrality all in a bid to help businesses’ low-carbon transition efforts. 

The government also plans to launch negotiations to join the Digital Economy Partnership Agreement(DEPA) within the year. Formed by Singapore, Chile and New Zealand, the DEPA is a digital-only trade deal that seeks to establish digital trade rules and digital economy collaborations.