South Korea launches CPTPP consultation, eyes broader ties with Central Asia and Africa

South Korea is launching a formal public consultation and social debate on joining the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), as it seeks to strengthen solidarity among middle-power nations, stabilize key supply chains and expand export markets.

The government also plans to deepen economic cooperation with promising regions including Central Asia and Africa to support Korean companies' exports and overseas project wins.

The Ministry of Economy and Finance said Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol chaired the 273rd Meeting of Ministers on External Economic Affairs at Government Complex Seoul on Thursday, where the measures were discussed.

The meeting took up four agenda items: the government's approach to CPTPP accession, a plan to expand strategic economic cooperation with Central Asia, the agenda and expected outcomes of the eighth Korea-Africa Economic Cooperation (KOAFEC) ministerial conference, and a review of overseas project performance and future support measures.

Having worked to broaden Korean companies' market access through bilateral trade and economic cooperation with major partners including the United States and Middle Eastern countries, the government said it now intends to extend that effort to regional and multilateral trade frameworks. It plans to expand its multilateral trade network and build an economic cooperation foundation with promising regions such as Central Asia and Africa to support companies' exports and overseas contracts.

The government will begin in earnest the social debate over CPTPP accession. It plans to assess whether joining would deliver tangible benefits to the national interest and people's livelihoods before deciding whether to proceed. Given the agreement's high level of market openness, the government said it will conduct an objective analysis of the economic effects of accession and its impact on individual industries, and explain the findings to the public.

Particular attention will be paid to the impact on the farming and fishing sectors, with on-the-ground opinions to be gathered. Should the government decide to pursue accession, it said it will proactively prepare effective domestic support measures in advance.

Economic cooperation with Central Asia will also be expanded. The government plans to strengthen strategic economic ties with the region, using a Korea-Central Asia summit — to be held in Korea for the first time in September — as the catalyst. Central Asia holds abundant natural resources and enjoys a geographic advantage as a hub of Eurasia.

Cooperation will be organized around three pillars: critical minerals and energy supply chains; forward-looking collaboration in AI and biotech; and strengthening the foundations for cooperation, including transportation, logistics and human resource development.

The government plans to pursue concrete cooperation projects in these areas, combining Central Asia's resources with Korea's technology, finance and policy expertise to build stable supply chains and expand Korean companies' exports and overseas contracts.

Economic cooperation with Africa will also be expanded. The Ministry of Economy and Finance, together with the African Development Bank and the Export-Import Bank of Korea, will host the eighth KOAFEC ministerial conference from Sept. 8 to 11.

Marking the 20th anniversary of KOAFEC this year, the conference is expected to present a new vision and action plan for Korea-Africa economic cooperation centered on AI and digital transformation. The government plans to strengthen the growth foundations of African nations through development cooperation while expanding opportunities for Korean companies to enter African markets.

Support for overseas project wins will also be reinforced. As Korean companies shift from traditional civil engineering and construction infrastructure toward high-value future industries such as eco-friendly and smart infrastructure and nuclear power plants, the government plans to concentrate its policy finance and diplomatic resources accordingly.

With overseas contracting conditions this year more challenging than last year due to delayed project awards in the Middle East, the government will focus its support on key projects expected to reach contract signing before year-end. It also plans to strengthen support across the entire overseas contracting process, from project identification and financing through to post-award stages.