Finance Minister Hong Nam-ki said today that the government will kick off discussions with a wide range of stakeholders in society as a step toward applying for CPTPP membership.

“We cannot keep [CPTPP] talks inside the government anymore, as the economic order is changing quickly in the Asia-Pacific region,” Hong said in a meeting with economic ministers.

“We should consider our status as an open trade country, as well as the economic and strategic value of the expansion of trade and investment.”

Hong’s remarks come after China and Taiwan applied for the CPTPP and just weeks before the Regional Comprehensive Economic Partnership – the world’s biggest free trade agreement, which will include China – becomes effective at the start of 2022.

The finance minister said the government will now launch public discussions on CPTPP membership, as it has already set up domestic regulations related to the agreement, such as moving to abolish fishing industry subsidies, revising regulations benefiting state companies and adopting international food quarantine standards.

Seoul, however, has a bumpy road ahead. “There are growing complaints against the government as it is ignoring our worries about joining [the CPTPP], which may cause serious damage to the agricultural sector,” the Korea Agricultural Association said in a statement issued today.

“We expect the pact will accelerate imports of fresh fruits and meats that have been blocked due to quarantine issues.”

The CPTPP is a free trade agreement led by Japan that links 11 countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. The trading bloc represents 495 million people and 13.5% of global GDP.