Korea, Singapore Agree to Launch FTA Upgrade Talks

President Lee Jae-myung announced on Monday that South Korea and Singapore have agreed to launch negotiations to upgrade their free trade agreement, following a summit with Singaporean Prime Minister Lawrence Wong.

"The two governments issued one joint declaration and signed five memoranda of understanding," Lee said at a joint press conference held at Singapore's Ministry of Foreign Affairs after the summit.

"Both nations, which have led the regional free trade order, agreed to further strengthen economic solidarity, economic security cooperation, and strategic investment cooperation," Lee said. "We agreed to upgrade the bilateral FTA—which marks its 20th anniversary this year—to better reflect changes in trade and economic security environments as well as technological advancements."

The two leaders signed a joint declaration on the agreement to begin FTA upgrade negotiations.

Lee noted that the two countries will pursue closer investment cooperation in a more strategic manner. "The Investment Partnership MOU signed between Korea Development Bank and Seviora, an asset management arm of Singapore's sovereign wealth fund Temasek, will lead such investment cooperation," he explained.

"The more investment flows into Korea's promising small and medium-sized enterprises and new industries, the stronger our mutual growth will become," Lee said, adding that the two sides agreed to sign a Smart Farm Cooperation MOU promptly.

The summit also produced MOUs on AI and digital technology cooperation in public safety, intellectual property rights enhancement, science and technology cooperation, joint utilization of environmental satellites, and small modular reactor cooperation.

"Building on today's achievements, I look forward to strengthening existing cooperation in trade, investment, and infrastructure, while expanding bilateral collaboration into promising future sectors including AI, nuclear power, and advanced science and technology," Lee said.