The Lee Jae Myung administration has said it will look into joining the 12-member Comprehensive and Progressive Trans-Pacific Partnership, which also includes the United Kingdom and Japan, amid uncertainty stemming from Washington’s trade policy.
Announcing follow-up measures to the latest tariff agreement with the U.S. on Wednesday, the administration said it will look into membership to secure a network of economic alliances with countries in a similar situation regarding U.S. tariffs.
In a report published in July, the state-run Korea Development Institute said Seoul should actively seek membership in the trade bloc, explaining that the bloc advocates a high level of market openness and this could be effective in easing reliance on the U.S. and China and stabilizing supply chains.
While the Moon Jae-in government officially announced plans to consider joining the partnership in 2021, political momentum diminished amid strong protests from farmers in South Korea, as the move may have entailed a possible market opening.
The current administration is expected to face many hurdles even before submitting an application for membership, as it would have to persuade the nation’s farmers and report to the National Assembly.
Seoul would also have to consult with Tokyo, which holds a big stake within the bloc, as new members require unanimous support from existing member states.