Finance Minister Hong Nam-ki said South Korea is aiming to submit an application to join an Asia-Pacific free trade agreement before the incumbent government’s term ends next May.

Hong made the remark on Wednesday regarding the Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP) when he met with foreign correspondents. 

The minister said the government has improved systems regarding fisheries subsidies, state-run companies and sanitation and quarantine during the past two-and-a-half years after taking into consideration conditions required by the CPTPP. 

Hong said in negotiating South Korea’s entry, the government will aim to secure as much national interest as possible in agricultural and fisheries items. 

The trade pact 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.

The minister added the government will again seek to have the nation’s stock market secure “developed” market status from Morgan Stanley Capital International(MSCI). 

The MSCI divides global investment markets into three categories: developed, emerging and frontier. South Korea’s stock market has remained in the “emerging” market category since 1992.