South Korea joins FIT-P to shape supply chain and digital trade rules
Key Points
- South Korea has officially joined the Future of Investment and Trade Partnership (FIT-P) to expand its trade network.
- The membership decision was announced at the second FIT-P ministerial meeting held in Auckland, New Zealand.
- The partnership, which also includes Thailand and Peru, seeks solutions against rising protectionism and geopolitical tensions.
- South Korea aims to establish digital trade and supply chain rules against disruptions threatening multilateral trade.
By the Numbers
South Korea has joined the Future of Investment and Trade Partnership (FIT-P) with the aim of expanding its global trade network and combating rising protectionism. Trade Minister Yeo Han-koo announced the country's official membership during the second FIT-P ministerial meeting held in Auckland, New Zealand.
According to the statement made by the Ministry of Trade, Industry and Energy, South Korea aims to strengthen cooperation with like-minded economies through this step. The country is in search of solutions against risks threatening global trade, such as geopolitical tensions and disruptions in multilateral trade.
The participation of other countries attending the meeting, such as Thailand and Peru, has further expanded the global reach of the partnership. This development is considered part of South Korea's efforts to establish international supply chain and digital trade rules against defensive trade policies.
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Frequently Asked Questions
- What is the FIT-P and why did South Korea join this partnership?
- The FIT-P is the Future of Investment and Trade Partnership. South Korea joined this partnership to combat rising protectionism, geopolitical tensions, and trade disruptions, as well as to expand its global trade network.
- Where and when was South Korea's participation in the FIT-P announced?
- South Korea's participation was formalized at the second FIT-P ministerial meeting held in Auckland (New Zealand) from Thursday to Friday.
- What are the other countries that attended the FIT-P meeting?
- The report states that alongside South Korea, Thailand and Peru also attended this meeting and expanded the partnership.
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