President Lee vows to protect South Korean farmers amid CPTPP — Korea Herald

South Korean President Lee Jae Myung has pledged to protect the country’s agriculture, fisheries and livestock industries in the event of possible accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). This was reported by the Korea Herald.

In a post on social media platform X, Lee said that the agricultural sector, fisheries and livestock farming are strategic industries linked to national security. He also assured that the authorities would fully consult with representatives of these industries before taking further steps toward joining the CPTPP.

Assessment of potential losses

The president’s statement came after the release of a government analysis. According to it, joining the CPTPP could reduce output in the agriculture, forestry and fisheries sectors by an average of about 850 billion won, or $626 million, annually over 15 years.

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At the same time, the analysis projects an increase in industrial output and overall economic growth. Lee noted that free trade agreements are unavoidable for South Korea as an export-dependent economy.

Compensation for affected sectors

The president stressed that those who benefit from expanded trade must help compensate sectors that are negatively affected. He said the government would fulfill, through public finances, a previously unfulfilled commitment concerning a 1 trillion won fund.

Lee also promised to personally meet with farmers, fishermen and livestock producers to hear their concerns.