After years of consideration, the government has officially confirmed it will join an Asia-Pacific free trade agreement known as the CPTPP.

Finance Minister Hong Nam-ki in a meeting of economy-related ministers said on Monday that the government will launch a process to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP). 

It will begin the process by collecting public opinion and launching social discussions with parties concerned on the matter. 

The minister cited the rapidly changing economic order in the Asia-Pacific region for the decision, noting that China and Taiwan recently joined the CPTPP, and that the world's largest trade pact - the Regional Comprehensive Economic Partnership - is set to take effect next year. 

The CPTPP was launched in late 2018 by eleven countries after the U.S. - under President Donald Trump - dropped out of the Trans-Pacific Partnership(TPP) in 2017. Members include Japan, Australia and Mexico. 

Minister Hong also said the government will make thorough preparations to resume FTA talks with Mexico and six Arab nations comprising the Gulf Cooperation Council.