The government will aim to submit its application to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP) sometime in April, before the current administration's five-year term expires in May.

At a strategy meeting on Monday, Finance Minister Hong Nam-ki said a task force will review the trade pact's ripple effect and supplementary steps. It will also launch unofficial dialogue with the eleven member nations, including next year's chair country, Singapore.

The minister said Seoul will decide on the scope of its participation to maximize national interests.

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.

Trade volume by the eleven nations reached five-point-seven trillion dollars as of 2019, accounting for 15-point-two percent of total global trade.