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2 clusters · 6 sources · 1 days · First seen · Last updated

South Korean opposition to CPTPP accession

Overview

South Korean fisheries and agricultural organizations have formed the ‘Emergency Committee to Prevent CPTPP Access’ to oppose the nation’s potential entry into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. The coalition of 75 organizations characterizes the government’s efforts as a “closed-door trade negotiation” that threatens primary industries through high market opening rates and the potential prohibition of fisheries subsidies.

Industry representatives have also raised concerns regarding pressure to lift import bans on seafood from Fukushima. In response to these tensions, President Lee Jae-myung announced that the government will utilize state finances to fulfill a 1 trillion won compensation fund for farmers and fishers affected by Free Trade Agreements and the CPTPP. This move aims to address the inadequacy of previous voluntary corporate contributions and restore public trust. The administration is also considering a reciprocal compensation system, such as levies on increased export revenues, to support sectors facing losses.

Entities

CPTPP · Emergency Committee to Prevent CPTPP Access · South Korea · Korea Fisheries Managers Central Union · Lee Jae-myung

Timeline

  1. [POLITICS] 2 sources
    South Korea to fund 1 trillion won FTA compensation via state budget

    South Korean President Lee Jae-myung pledged 1 trillion won in government funds to compensate farmers and fishers affected by FTAs and CPTPP, proposing new levies on export gains to support losing sectors.

  2. [BUSINESS] 5 sources
    South Korean fisheries groups oppose CPTPP accession

    South Korean agricultural and fisheries groups have formed an emergency committee to oppose joining the CPTPP, citing concerns over high market opening rates and restrictions on fishing subsidies.

Sources

biz.heraldcorp.com · bokuennews.com · eomin.co.kr · kyeonggi.com · namdonews.com · newstomato.com