Korea said Tuesday it will spare no efforts to conclude a mega Asia - Pacific trade pact by the end of this year in line with efforts to revitalize an extended slump in its exports amid the new coronavirus pandemic . Korea plans to take part in an inter - sessional virtual meeting of other participants of the Regional Comprehensive Economic Partnership ( RCEP ) from Wednesday to Thursday to flesh out more details , according to the Ministry of Trade , Industry and Energy . " The RCEP is expected to play a key role in rekindling trade and investment activities of the bloc , which has been hurt by the Covid - 19 pandemic , " the ministry said in a statement . The deal will also help members to brace for changes in the global value chain in the post - pandemic era , the ministry said , highlighting Korea will spare no efforts to have the agreement concluded this year . Asean and its dialogue partners — Korea , China , Japan , Australia and New Zealand — effectively reached an agreement on RCEP in November , with the goal of signing the pact within this year . The agreement came after the participating nations launched their talks in 2013 on a deal that would create a mega economic bloc accounting for one - third of the world ' s GDP . The participation of India , which did not join last year ' s agreement , will be decided before the deal ' s formal signing slated for 2020 . The issue will also be discussed during this week ' s meeting . India has expressed concerns over the influx of more price - competitive Chinese products into its market . Korea , whose economy depends heavily on exports , has been emphasizing the importance of a global coalition to cope with economic uncertainties stemming from the Covid - 19 pandemic . In May , Korea also agreed with several countries , including Singapore , Canada and Australia , to ease cross - border travel regulations for essential business officials and maintain the global supply chain without undermining the global efforts to tackle the new coronavirus . Nevertheless , the country ' s exports are not likely to rebound for the time being , unless its major trade partners bring the pandemic under control and an effective vaccine is developed . Korea ' s exports dropped for the third consecutive month in May , slipping 23 . 7 percent , due to the growing economic fallout from the pandemic that has disrupted the global supply chain . In the face of the pandemic , the country saw its exports drop 1 . 4 percent on year in March , followed by a whopping 25 . 1 drop in April . Yonhap