CPTPP logo and national flags of 11 member countries including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Photo: Business Korea/VNA

The Korean officials said the decision to join the CPTPP was approved at a meeting of economic ministers on Friday, and the government will officially submit an application for accession after completing domestic procedures, including reporting to the National Assembly.

Earlier, the Korean government said that the country intends to apply to join the CPTPP before President Moon Jae-in's five-year term ends on May 9. The government of President-elect Yoon Suk-yeol plans to launch negotiations for CPTPP membership, which is estimated to take at least a year.

CPTPP currently comprises of 11 member countries: Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Total trade turnover of member countries reached 5.7 trillion USD in 2019, accounting for 15.2% of the total global trade turnover, according to a report by the Korea Institute for Industrial Economics and Trade.