Korea weighs CPTPP bid as service, IP firms press case to industry ministry

South Korea's industry ministry said it held a meeting with service and intellectual property groups to gauge how joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership would affect them, as the government weighs whether to apply to the trade pact. The ministry has not decided whether or when to seek membership.

Five service industry associations said membership would widen access to promising markets such as Mexico and Vietnam for consumer goods distribution, including cosmetics and fashion, and that financial demand for corporate lending, trade finance and foreign exchange would grow as trade and investment within the bloc expand.

The content industry said high-standard digital rules and intellectual property protection are becoming more important as digital trade grows and more Korean companies enter overseas online platforms. CPTPP members have opened service sectors: Mexico has opened franchising services, Vietnam exempts retail outlets from an economic needs test, and Malaysia has eased limits on foreign bank branches, raising the cap to 16 from eight.

Intellectual property groups said CPTPP rules on well-known trademarks, online infringement, damages and trade secrets would help Korean companies fight trademark theft, illegal content distribution and technology leaks in major markets including Mexico and Chile.

"High-standard rules on services, digital trade and intellectual property under CPTPP would lower barriers to overseas markets and improve the trading environment, creating a favorable environment for promising new industries such as K-consumer goods and K-content," said Kwon Hye-jin, head of the ministry's trade negotiation office, who chaired the meeting.

She added that the government "has not yet decided whether or when to apply for membership" and would gather industry views across sectors and communicate closely with businesses.

The meeting brought together the Korea Creative Content Agency, the Korea Cosmetic Association, the Korea Fashion Association, the Korea Federation of Banks and the Korea Financial Investment Association, along with the Korea Intellectual Property Research Institute and other IP bodies, and companies including CJ ENM and Naver Webtoon.