The South Korean government plans to decide on whether to join a massive regional trade bloc as early as this month.

Finance Minister Hong Nam-ki made the remarks to reporters on Thursday after attending a meeting of finance ministers and central bank governors from Group of 20(G20) nations.  

Officials have been reviewing the Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP), which involves eleven economies including Japan, Australia and Canada.

The CPTPP, launched in 2018, was based on the Trans-Pacific Partnership, which fell apart after years of negotiations when the U.S., under President Donald Trump, exited before its ratification. Now, the Biden administration is considering joining, while China and Taiwan applied to join last month.  

Minister Hong said that joining will require some inevitable adjustments in local systems and the government has made some possible adjustments for the past two years. 

Hong said that as finance minister, he is in favor of joining the bloc, but the decision requires coordination with the ministries of industry, agriculture, foreign affairs and even the National Security Council. 

He added that the nation will have to make a decision by the end of this month or early November.