South Korea, Singapore agree to upgrade free trade deal

SEOUL, March 2 (AJP) - The leaders of South Korea and Singapore agreed on Monday to begin negotiations to upgrade their free trade agreement, as part of efforts to strengthen cooperation between the two countries.

The agreement was reached as South Korean President Lee Jae Myung, who arrived in Singapore the previous day, sat down for talks with Prime Minister Lawrence Wong for the first time in several months since they last met in Seoul in November.

In a joint press statement after the summit, the two leaders said both sides discussed upgrading their decades‑long bilateral FTA, which has been in effect since 2006, to "fully reflect evolving trade and economic security environments."

The statement highlighted that the two countries had demonstrated resilience by turning limited resources and geopolitical challenges into a foundation for growth, becoming "model middle powers."

The two leaders also affirmed that the two countries can serve as "reliable partners" as they navigate "another challenge" in what they described as an era of uncertainty in the early 21st century.

They also signed a series of memorandums of understanding to enhance cooperation in the science and technology sectors, including artificial intelligence (AI)-related technologies, intellectual property measures, joint use of environmental satellites, and other areas.

Lee said South Korea could also learn from Singapore's housing policies and the integrity of its civil service and also expressed interest in expanding cooperation in future-oriented advanced fields.

He also said he would work closely with Singapore to implement the vision of the Comprehensive Strategic Partnership (CSP), established in October 2024 as a regional development initiative, as Singapore prepares to assume the rotating chair of the Association of Southeast Asian Nations (ASEAN) next year.

Lee also recalled that Singapore played a key part eight years ago by hosting the historic summit between the U.S. and North Korea in 2018, calling on Singapore to continue supporting peace and stability on the Korean Peninsula through a constructive role.

Later in the day, Lee is scheduled to attend a joint business forum with entrepreneurs and business leaders from both countries in AI-related sectors, before heading to his next itinerary in the Philippines.