South Korean President Lee Jae Myung said on Monday that his country would not be able to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) during his term, Reuters reported. Lee's term runs until June 2030.

Source: Reuters, Oct 26

"We need to obtain permission from all 12 member countries" in the partnership if South Korea applies, Lee said at a meeting with farmers, fishermen and forestry workers, according to Reuters. "The possibility that it will not be completed within my term is far higher."

Yonhap reported that Lee called CPTPP entry "unavoidable" despite frustration among farmers and fishermen, and said the government could not give it up for the benefit of the country as a whole. He said officials would instead have to find complementary measures to protect those who lose out from market opening.

Source: Yonhap via Korea JoongAng Daily, Oct 26

Lee said there would be no cases of farmers and fishermen sustaining unfair damage, called agriculture and fisheries national strategic and security industries, and noted he had earlier this month ordered the government not to apply for CPTPP membership this year so there could be sufficient consultation, Yonhap said.

The CPTPP came into force in 2018, replacing the Trans-Pacific Partnership which fell apart after the United States withdrew, Reuters said. While membership is expected to boost South Korea's exports, its agricultural and fisheries sectors are likely to take a hit from cheaper imports.