Seoul, Feb. 15 (BNA): South Korea’s Ministry of Commerce said Tuesday that South Korea will seek New Zealand’s support in its bid to join a massive free trade agreement in the Asia-Pacific region at an upcoming ministerial meeting.
Seoul’s planned application for membership in the Comprehensive and Advanced Agreement for Trans-Pacific Partnership (CPTPP) will be a major item on the agenda for talks between South Korean Trade Minister Yoo Han-koo and New Zealand’s Trade and Export Growth Minister Damian O. Connor is scheduled to be held later in the day via teleconference, according to the Department of Trade, Industry and Energy.
South Korea’s Yonhap News Agency reported that the International Trade Partnership and Cooperation Agreement includes 11 countries, including New Zealand, Japan, Australia, Canada and Mexico, which accounted for 15 percent of the total global trade volume as of 2019.
As the Depositary of the Convention, New Zealand is responsible for many functions, such as receiving and circulating specific notices and requests made under the Convention.
During the talks, the two sides also plan to discuss the “Indo-Pacific Economic Framework (IPEF)”, which the US has sought to launch in a move to improve Asia’s handling of trade amid intense Sino-US rivalry.
“South Korea and New Zealand share the idea that it is essential that the envisioned framework be open, transparent and inclusive, and offer standards and cooperation that many countries in the region can accept,” the ministry said in a statement.
Also on the table will be the Digital Economy Partnership Agreement (DEPA).
South Korea applied for membership last year, and held the first round of negotiations in January.
As the world’s first multilateral digital agreement, DEPA is an agreement signed by New Zealand, Singapore and Chile to set ground rules on digital commerce issues, such as digital identities, cross-border data flows, and artificial intelligence. It came into effect in January of last year.
FA