Agricultural production projected to decrease by 710 billion won annually upon joining the CPTPP

The government released preliminary figures on the analysis of the economic impact of joining the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP).
Analysis results projected that domestic real GDP would increase by 0.38 percentage points 10 years after the agreement comes into effect compared to when it did not join.
On the other hand, it was estimated that agricultural production would decrease by an average of 710 billion won per year for 15 years after the agreement came into effect due to market opening.
The fisheries industry decreased by an annual average of 81.7 billion won and the forestry industry by 60.6 billion won, and the total decrease in the agriculture, forestry, and fisheries sectors was analyzed to be approximately 850 billion won.
The manufacturing sector was expected to see an annual production increase of 6.3 trillion to 6.7 trillion won.
The government explained that these figures are provisional forecasts based on economic models, and the actual impact may vary depending on the results of future negotiations and the level of liberalization for each item.
As the impact on specific items within the livestock and meat sectors was not disclosed in this announcement, it is necessary to further verify the level of market opening and impact analysis for sensitive livestock products such as beef and pork in the future.