Korea is set to attend RCEP talks in Indonesia this week

Korea will participate in the Joint Committee Meeting of the Regional Mega Trade Agreement in Indonesia this week, the Industry Ministry said on Tuesday.

The fourth Joint Committee meeting of the Regional Comprehensive Economic Partnership (RCEP) will be held from Tuesday to Wednesday in Surabaya, Indonesia, and some 80 officials from 15 member countries are scheduled to discuss the establishment of its secretariat and overall governance. Ministry of Commerce, Industry and Energy.

During this week’s meeting, the officials will also discuss the possibility of including Sri Lanka in the trade agreement, and the implementation of the agreed provisions on trade, investment, trade opportunities and supply chain cooperation will be verified, the ministry said.

The 10 member countries of the Association of Southeast Asian Nations (ASEAN) are China, Japan, Australia and New Zealand. Korea signed the agreement with the partners in 2020, and it entered into force for Korea in February 2022.

„Based on this round of discussions, member states will seek to reach an agreement on key issues during the RCEP ministerial meeting in Indonesia next month,” the ministry said in a statement.

RCEP is one of the world’s largest free trade agreements, as member countries account for about 30 percent of global GDP, population and trade volume, government data show. (Yonhap)