Issue Defending an open trading order through CPTPP and reglobalization

Summary

Korea, which has pursued trade-dependent growth under an open international economic system, is urged to make international efforts to reverse the retreat of globalization. The task for future generations is framed as reglobalization, which revives the benefits of globalization while reducing income gaps and economic security risks. Future-oriented Korea-Japan economic cooperation should therefore help build a new international economic order that is free and open yet inclusive and resilient. If the United States abandons the liberal international order, pursues narrow national interests and no longer plays a global leadership role, the report argues that Korea and Japan should join forces with CPTPP, RCEP and other free trade supporters to restore a liberal order even without the United States. The CPTPP, as a grouping of US allies and partners, is singled out as vital to that order, and Korea is urged to coordinate actively with Japan, including on its own accession.