South Korea to Participate in RCEP Talks in Indonesia This Week


On Tuesday, the Ministry of Trade, Industry and Energy announced that South Korea will join a joint committee meeting of the Regional Comprehensive Economic Partnership (RCEP) in Surabaya, Indonesia, from Tuesday to Wednesday.

Around 80 representatives from the 15 member countries of the RCEP, including the 10 member nations of the Association of Southeast Asian Nations (ASEAN), China, Japan, Australia and New Zealand, will attend the meeting to discuss the establishment of a secretariat and the overall management of the trade pact.

The officials will also talk about Sri Lanka’s potential accession to the RCEP and review the implementation of the agreed-upon rules on trade, investment, business opportunities and supply chain cooperation.

South Korea signed the RCEP agreement in 2020, and it took effect in February 2022.

The ministry said that the member nations are aiming to reach an agreement on key issues during the upcoming ministerial RCEP meeting in Indonesia next month.

According to government data, the RCEP is one of the world’s largest free trade agreements, as the member countries make up about 30% of global gross domestic product, population and trade volume.

This file photo taken June 22, 2023, shows a seminar on the Regional Comprehensive Economic Partnership (RCEP) in Seoul. (Yonhap)

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