14:32 | 13/03/2018 Global Economy
The Republic of Korea (RoK) will decide whether to join the fledgling Pacific trade pact within the first half of the year after looking into its impact on the national economy and consulting with member states, Seoul's chief economic policymaker said on March 12.
|Finance Minister Kim Dong-yeon (3rd from R) speaks at an economy-related ministerial meeting in Seoul on March 12, 2018 - Photo:Yonhap|
A year after US President Donald Trump abandoned the Trans-Pacific Partnership, the 11 remaining member states last week signed a revamped deal, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), in Chile.
The agreement that aims to slash tariffs on goods to stimulate trade, will come into force after it is fully ratified by six of the 11 members, which include Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
The countries represent 13.5 percent of global gross domestic product, a total of US$10 trillion.
"Within the first half of the year, (the government) will decide whether to join, after discussion among government agencies, and will take steps for domestic procedures, if necessary," Finance Minister Kim Dong-yeon said in an economy-related ministers meeting.
"We will closely monitor other countries' moves as well."