South Korea's Lee calls Pacific trade pact entry unavoidable but unlikely during his term

President Lee Jae Myung told a meeting with about 110 farmers and fishers in Seoul on Monday that South Korea's entry into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) is "unavoidable," Yonhap and The Korea Herald reported. Earlier this month, Lee told officials not to apply this year and to decide next steps only after consulting the farm and fisheries sectors.

Lee said an application would need approval from all 12 member countries and that the chance it would not be completed within his term was "far higher," Reuters reported. His term runs until June 2030. He pledged that farmers and fishers would not be left to bear unfair losses from market opening.

Why it matters: Lee has argued that membership would widen export access for South Korea, while farm and fisheries groups fear cheaper imports.