US EditionSingapore, South Korea to work towards upgrading free trade agreement
Negotiations aim to modernize the 20-year-old Korea-Singapore Free Trade Agreement, enhancing cooperation in AI, green economy, and supply chain resilience, officials said.
- On Monday, Singapore and South Korea announced plans to upgrade their free trade agreement, with leaders witnessing the exchange of joint statements and memorandums of understanding at Tanglin.
- Marking the FTA's 20th anniversary on Mar 2, 2006, officials said the upgrade builds on last year's strategic partnership amid greater focus on supply‑chain resilience, digital trade and the green transition.
- Five memorandums of understanding were exchanged to broaden cooperation in supply‑chain resilience, the green economy, trade facilitation, and aviation maintenance, including an investment MOU between Korea Development Bank and Seviora Holdings.
- Mr Wong said he hoped the talks would be constructive and yield tangible outcomes, and both leaders assessed the impact of recent Middle East developments on global security and energy supply chains.
- As top‑10 trading partners, the upgrade could reshape bilateral commerce by deepening cooperation in AI, nuclear energy and supply‑chain security and building on last year's strategic partnership as Korea pledged support for Singapore's ASEAN chair next year.
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12 Articles
South Korea, Singapore launch FTA upgrade focused on AI, SMR nuclear, space, and quantum
South Korean President Lee Jae Myung met Singapore Prime Minister Lawrence Wong on March 2 and agreed to launch negotiations to upgrade the bilateral free trade agreement (FTA). The upgrade expands cooperation beyond traditional trade into artificial intelligence (AI), small modular reactors (SMR), space and satellite technology, and quantum science, reflecting a shift toward structured technology and energy collaboration.
Singapore and S. Korea to upgrade FTA, leaders say as President Lee pays state visit
SINGAPORE: Singapore and South Korea will upgrade an existing Free Trade Agreement (FTA) to ride on strong growth of trade and economic ties between the two countries, said Prime Minister Lawrence Wong.
President Lee Jae-myung, visiting Singapore, held a summit with Prime Minister Lawrence Wong on the 2nd and agreed to initiate negotiations to improve the Korea-Singapore Free Trade Agreement (FTA), which came into effect in 2006, to reflect the new trade environment, including cooperation in the digital economy, supply chains, finance, and advanced industries. This meeting came four months after the bilateral relationship was upgraded to a "str…
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