S. Korea to study RCEP’s impact on local sectors

SEOUL – South Korea today vowed to carry out a thorough study on the impact of its largest-ever trade deal signed earlier this month and come up with supplementary measures in case the pact hurts sectors, the Yonhap News Agency reported.

Earlier this month, Asean members, along with its dialogue partners South Korea, China, Japan, Australia and New Zealand, inked the Regional Comprehensive Economic Partnership (RCEP).

The bloc accounts for one-third of the world's gross domestic product.

"The RCEP is expected to vitalise the nation's exports and speed up the country's New Southern Policy. This will help us to overcome jitters stemming from the Covid-19 pandemic," Industry Minister Sung Yun-mo said in a statement.

Asean comprises Malaysia, Brunei, Cambodia, Indonesia, Laos, Myanmar, the Philippines, Thailand, Singapore and Vietnam.

Seoul has been rolling out the so-called New Southern Policy, which is aimed at bolstering Seoul's strategic and economic relations with Southeast Asian countries.

The country said it will make efforts to closely assess the impact of RCEP on different industries, including sectors such as agriculture and fisheries, and draw up measures to support them in case they face a fallout.

"While some express concerns that the deal with Japan will lead to more imports of agricultural goods, we have reflected our views on the pact to protect the sensitive items," Sung said.

The RCEP marks the first free-trade deal to be signed between South Korea and Japan.

Seoul and Tokyo have been at loggerheads since last year, after Japan abruptly imposed export restrictions of key industrial items against South Korea, citing security issues.

"Amid the growing external uncertainties after the US presidential race, the global trade environment is anticipated to face more changes in terms of supply chains and digital transitions," Sung said. 

"We plan to cope with such issues through open-door policy and cooperation." – Bernama, November 26, 2020