GDP projected to grow 0.38% over 10 years following CPTPP membership

Korea's economy is projected to grow by 0.38 percent over the 10 years following its potential membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the industry ministry said Monday. The government released the projection after conducting a comprehensive analysis of the potential impact of Korea's CPTPP membership on the macroeconomy, manufacturing and small and medium-sized enterprises (SMEs), as well as the agriculture, fisheries and forestry sectors, according to the Ministry of Trade, Industry and Resources (MOTIR). MOTIR, the Ministry of Agriculture, Food and Rural Affairs, the Ministry of Oceans and Fisheries, the Ministry of SMEs and Startups, and the Korea Forest Service, along with their affiliated research institutes, participated in the analysis. The latest estimate showed that Korea's gross domestic product (GDP) would be 0.38 percentage point higher, on a cumulative basis, over the first decade after its entry into the CPTPP than it would be if the country did not join the trade pact, the ministry said. By sector, the production im