South Korea has sought support from regional trading partners for its bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to the country’s industry ministry. South Korean trade minister Yeo Han-koo recently met ambassadors from 10 CPTPP member nations in Seoul. The Japanese envoy reportedly did not attend.

Seoul announced its decision to join the trade bloc last week as part of its efforts to deepen economic cooperation with regional partners and to diversify its trade portfolio.

The CPTPP accounted for around 15 per cent of the world's total trade volume of $5.2 trillion in 2020.

"South Korea's envisioned entry into the CPTPP is expected to contribute to stable supply chains in the region and to help make the platform more open, transparent and inclusive," Yeo was quoted as telling the envoys by a news agency, asking for their continued attention and backing.

The ambassadors said South Korea is a promising, qualified candidate and reportedly voiced support for Seoul's decision to join the pact.

The government has sought to submit an application in April, but that seems unlikely as due domestic procedures, including reporting the case to the National Assembly, have been delayed, according to ministry officials.

Source: Fibre2Fashion

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