Korea Mulls Joining Revived Pacific Trade Deal
Korea will decide whether to join a revived Asia-Pacific trade pact by July, Finance Minister Kim Dong-yeon said on Monday.
The deal led by Japan emerged after the U.S. withdrew from the Trans-Pacific Partnership trade deal last year. Eleven Asia-Pacific countries signed the renamed Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) deal last week.
Korea has not joined the CPTPP yet, seeing limited benefits from the pact. Korea already has free trade deals with all of the participating countries except for Japan and Mexico, and there is concern that joining could worsen a trade deficit with Japan.
Supporters say joining the deal would make sense in the face of growing protectionism and trade wars between the U.S. and China.