The government estimates that once the Regional Comprehensive Economic Partnership(RCEP) goes into effect next year, the nation’s free trade agreement(FTA) network will expand to account for 85 percent of the world’s gross domestic product. 

The Ministry of Trade, Industry and Energy revealed its assessment during a forum in Seoul on Wednesday regarding the significance of the RCEP, which is the world’s largest free trade agreement(FTA). 

The RCEP involves the ten members of the Association of Southeast Asian Nations(ASEAN) and five other Asia-Pacific countries - South Korea, China, Japan, Australia and New Zealand. 

Their combined trade volume, population and nominal gross domestic product make up 30 percent of the world's total.

The ministry said the nation will continuously seek out new FTAs, including with members of the Pacific Alliance, Mercosur and the Gulf Cooperation Council. 

It also plans to actively take part in discussions on digital trade via the Korea-Singapore Digital Partnership Agreement(DPA) and by joining the Digital Economy Partnership Agreement(DEPA).

The ministry added that it will actively consider joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP) while continuing to hold unofficial consultations with CPTPP members.