Canada “Active support for South Korea’s participation in CPTPP”: Economy: hankyoreh japan

Delegations from each country taking a commemorative photo at the “Comprehensive and Advanced Pacific Economic Partnership Agreement” (CPTPP) meeting held in Santiago, Chile in May 2019 = Santiago / AP Yonhap News

The Government of Canada has announced its intention to actively support South Korea’s participation in the “Comprehensive and Advanced Trans-Pacific Partnership Agreement” (CPTPP).

On the 17th, South Korea’s Minister of Trade and Industry Mary Eng said at an online bilateral meeting with South Korea’s head of trade negotiations, “Korea will cooperate closely with the World Trade Organization (WTO) and other organizations based on free trade and a multi-party system. The Ministry of Industry, Trade and Resources of South Korea reported that it has expressed its intention to “actively support Korea when applying for CPTPP membership” as “a partner nation that has been doing so.”

The South Korean government is in the process of coordinating domestic public opinion and social discussions with the goal of applying for CPTPP membership in March-April this year. Canada is one of the 11 member countries of the CPTPP along with Japan and Australia. To join the CPTPP, you must get the approval of all existing member countries. CPTPP member countries account for 15% of global trade (2019 standard). The UK (February last year), China (September), Taiwan (September) and Ecuador (December) have officially applied for membership in the agreement.

Korea is a representative trading nation in the Asia-Pacific region, and is an industrial and technological powerhouse. He emphasized that he hopes that it can develop as an “open, transparent and inclusive trade platform” that represents the Pacific region. “

The two countries have decided to strengthen cooperation in the supply network of raw materials and core minerals through investment in raw materials and promotion of trade. Canada is listed as a major producer of core minerals such as nickel and cobalt.

The two countries, which are members of the Ottawa Group in similar circumstances under the World Trade Organization system, will work closely together in discussions on reforms in the three major areas of negotiation, implementation / monitoring, and dispute resolution, and will be MC-12 (scheduled for March this year). We have decided to continue to cooperate for the successful holding of the 12th WTO Ministerial Conference). The Ottawa Group is a small group within the organization for the reform of the World Trade Organization, with 14 countries including South Korea, Canada, the European Union (EU) and Japan participating.

The two countries praised the fact that trade has been on an increasing trend based on the Korea-Canada Free Trade Agreement (FTA), which has reached its 8th year of entry into force. Discussed the plan. Trade between the two countries increased by 40% from $ 8.68 billion in 2015, the new year of the free trade agreement, to $ 12,054 million in 2021 (January-November). Except for 2019 (-1.1%) and 2020 (-13.1%), it has continued to increase every year.

Senior Reporter Kim Young-bae (Inquiries [email protected]) original text input: 2022-01-17 16:43
Translated by JS



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