Finance ministry launches social debate on CPTPP membership

The finance ministry said Thursday it will launch a full-scale social discussion on South Korea's potential accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. Deputy Prime Minister and Finance Minister Koo Yoon-cheol chaired the 273rd Meeting of Ministers for External Economic Relations in Seoul, where officials agreed to examine whether joining the pact would deliver tangible benefits before making a final decision.

The government pledged to conduct an objective analysis of economic effects and sector-specific impacts, promising to explain findings clearly to the public. Officials emphasized they would pay close attention to concerns from the agriculture and fisheries sectors, vowing to prepare domestic compensation measures if the country proceeds with accession.

Beyond the Pacific bloc, the ministry outlined plans to deepen strategic economic cooperation with Central Asia and Africa. In preparation for the first-ever Korea-Central Asia Summit in September, Seoul intends to push joint projects focused on securing supply chains for critical minerals and energy, fostering collaboration in artificial intelligence and biotechnology, and strengthening ties in transport, logistics and human resource development.

The administration also confirmed it will host the eighth Korea-Africa Ministerial Economic Cooperation Conference, known as KOAFEC, from Sept. 8 to 11 in partnership with the African Development Bank and the Export-Import Bank of Korea. Marking the forum's 20th anniversary, the meeting will present a new vision for bilateral ties centered on AI and digital transformation while expanding market entry opportunities for Korean firms.

To support these efforts, the government vowed to intensify assistance for overseas orders as local companies shift to high-value industries. Authorities plan to concentrate policy finance and diplomatic resources on core projects expected to secure contracts this year.

"The government has so far expanded market access for our companies through bilateral trade and economic cooperation with major nations such as the United States and the Middle East," Koo said. "Moving forward, we will extend these efforts to regional and multilateral levels to build a denser and broader external economic network for our economy."