A coalition of farmers and fishermen are against the government’s move to join a trade agreement with 11 countries in the trans-Pacific area, saying their livelihoods will be threatened greatly if Korea opens its market to global sellers of cheaper agricultural and marine products, according to industry analysts, Monday.
The agreement, known as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), is widely considered a critical step to bolstering the global standing of Korea’s manufacturing-centered, export-reliant economy.
This rationale is why some state think tanks, including the Korea Institute for International Economic Policy (KIEP), and policymakers have been seeking to join the mega trade deal, saying that it could lead to annual GDP growth of between 0.33 and 0.35 percent, with about 3.6 trillion won ($2.9 billion) in benefits anticipated for Korea’s consumers. The combined trade volume of CPTPP member countries accounts for 15 percent of the world’s total trade volume.
A dozen groups representing the interests of farmers and fishermen, including the Korean Advanced Farmers Federation (KAFF), held a protest near the Sejong Government Complex, March 25, where a public hearing was scheduled by the government to present trade, market and economic growth implications of the CPTPP.