South Korea will begin the process of joining the CPTPP, a massive Asia-Pacific free trade deal, South Korean Deputy Prime Minister and Finance Minister Hong Nam-ki said Monday at a meeting of Cabinet ministers on external economic affairs.

Mr. Hong said the economic order in the Asia-Pacific region is making progress and South Korea is already a member of the 15-nation Regional Comprehensive Economic Partnership, which will take effect on January 1.

The government of South Korea will soon submit its application for the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), he said.

To prepare, the South Korean government has been adjusting domestic trade regulations in the four areas required under the deal: subsidies for fisheries, digital commerce, state-owned enterprises, and sanitation.

South Korean President Moon Jae-in told reporters following a bilateral meeting with Australian Prime Minister Scott Morrison on Monday that South Korea will soon enter the CPTPP.

Source: VOV5