Minister for Trade of the Republic of Korea (RoK) has suggested Viet Nam support the RoK in joining CPTPP. (Photo: Reuters)

During his online meeting with Vietnamese Deputy Minister of Industry and Trade Tran Quoc Khanh on March 23, Yeo said since late 2021, the RoK has conducted internal discussions and prepared procedures to join the CPTPP.

He also highly valued the close economic ties between Viet Nam and the RoK, saying their trade link reached its peak last year.

Welcoming the RoK’s application for the CPTPP membership, Khanh expressed his hope that Viet Nam and the RoK will continue their cooperation in relevant areas.

The two sides also compared notes on the Indo-Pacific Economic Framework (IPEF) which the US is stepping up in an effort to enhance comprehensive economic cooperation in the Indo-Pacific region.

They held that relations within the IPEF should be based on open, transparent and inclusive standards, and cooperation acceptable to many countries in the region.

Launched in December 2018, the CPTPP was signed by 11 countries, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Viet Nam.

Its total trade volume has hit 5.7 trillion USD as of 2019, accounting for 15.2 percent of the total global trade value, according to a report by the Korea Institute for Industrial Economics and Trade.