President Moon Jae-in on Dec. 8 gives a congratulatory speech at a ceremony for the 57th Trade Day at the Seoul COEX. (Yonhap News)

By Kim Hyelin and Lee Jihae

President Moon Jae-in on Dec. 8 said the country will consider joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

In a ceremony for the 57th Trade Day at Seoul's COEX Mall, he said he will make Central America "a closer market" for Korea.

This was the first time for the president to mention joining the CPTPP.

Last month, Korea signed the Regional Comprehensive Economic Partnership led by China. This time, President Moon implied the possibility of joining the CPTPP given the chance of a U.S. return to the agreement.

Under the Obama administration, the U.S. formed the Trans-Pacific Partnership (TPP) with Japan, Australia and Canada while excluding China. The succeeding Trump administration withdrew from the TPP in 2017, which led Japan and the remaining member states to modify the accord to the CPTPP.

At the ceremony, President Moon urged Korea to boost its trade strength in the post-COVID-19 era, adding that traditional manufacturing must merge with new digital technology and that technology for materials, components and equipment must be fully localized to further strengthen domestic manufacturing's competitiveness.


Calling market diversification an essential task, he pledged to expand the nation's free trade network with potential-filled countries under the New Southern Policy and the New Northern Policy.

Starting with the conclusion last month of the Regional Comprehensive Economic Partnership, the world's largest free trade agreement, the president said the government this year will finalize similar deals with Indonesia and Israel and speed up those with the Philippines, Cambodia and Uzbekistan.

kimhyelin211@korea.kr