Seoul:President Lee Jae Myung has directed the government to reinitiate discussions on South Korea's potential membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), amidst opposition from the country's agricultural and fishing sectors.

According to Yonhap News Agency, the order was given during a closed session of a Cabinet meeting at Cheong Wa Dae. The CPTPP is a significant Indo-Pacific trade agreement, including 12 nations such as Japan, Mexico, Australia, Canada, and Vietnam, which collectively accounted for approximately 15.2 percent of global trade in 2019.

Presidential spokesperson Kang Yu-jung reported that President Lee acknowledged differing opinions regarding the strategic importance of the CPTPP in the current international trade landscape, as well as the concerns from the farming and fishing industries. He emphasized that policy decisions should focus on national interest through trust and mutual understanding with these sectors and advised starting discussions anew without hastily reaching a conclusion.

A government projection released last month indicated that joining the CPTPP could boost South Korea's GDP by 0.38 percentage points over the next decade. It also forecasted an increase in manufacturing output by up to 6.7 trillion won (approximately US$4.99 billion) annually over 15 years. Conversely, production in agriculture and fisheries might decline by about 850 billion won each year.