South Korea's CPTPP Membership Talks Gain Momentum Amid Regional Cooperation

In light of the unstable international situation, establishing a Korea-Japan economic community has become more crucial than ever. Discussions regarding South Korea's potential membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) are seen as a concrete way to achieve this goal.

Kazuhisa Shibuya, a professor at Kansai Gakuin University and former chief policy coordinator for Japan's TPP negotiations, stated at the Korea-Japan Business Conference on May 20 that "the CPTPP is an evolving agreement that becomes denser in norms as more countries join." He added that if South Korea participates in the CPTPP, it could lead to deeper economic cooperation between South Korea and Japan through a multilateral partnership system.

Business leaders from both countries agree that South Korea's CPTPP membership is the most realistic way to realize the economic community. Professor Shibuya noted that direct discussions on a bilateral economic community are politically sensitive for both nations. He suggested that discussions within the multilateral framework of the CPTPP, which Japan is already part of and South Korea wishes to join, could naturally deepen cooperation.

At the 58th Korea-Japan Business Conference, attended by over 250 business leaders, a joint statement was adopted emphasizing the urgent need for progress in discussions regarding South Korea's CPTPP membership. The statement highlighted that the CPTPP is a vital framework for global multilateral economic ties and expressed strong support for Japan's assistance in advancing concrete reviews for South Korea's membership.

During a joint press conference, Gu Ja-yeol, chairman of the Korea Economic Association, remarked, "In a world increasingly characterized by economic blocs, with no free trade agreement (FTA) in place with Japan, I understand that the South Korean government is positively reviewing CPTPP membership." Japanese chairman Koji Akiyoshi also stated, "If South Korea officially applies, the Japanese political and economic sectors will actively support it."

There are also expectations that CPTPP membership could strengthen the 'venture-startup alliance' between the two countries. Recent exchanges between South Korean and Japanese startups have been active, with companies like MakinaRocks and Pebblesquare collaborating with major Japanese construction and automotive firms. Additionally, large South Korean corporations such as Samsung and Hyundai are actively seeking promising Japanese tech startups.

Analysts suggest that if South Korean startups, strong in platforms, collaborate with Japanese tech ventures, which excel in materials and components, they could enhance their capacity to compete against global capital through the investment and intellectual property protection norms of the CPTPP.

However, discussions regarding this matter were not addressed during the Korea-Japan summit held on May 19, which focused on economic security issues such as supply chains, artificial intelligence, and energy. The CPTPP involves sensitive topics like agricultural market access and food regulations related to Fukushima, requiring unanimous consent from member countries. It appears that the South Korean government chose to concentrate on more easily agreeable topics during this meeting, given the complex interests between the industrial and agricultural sectors.