SINGAPORE: Singapore and South Korea on Monday (Mar 2) announced plans to upgrade the free trade agreement between both countries.
A joint statement released by Singapore’s Ministry of Trade and Industry (MTI) and South Korea’s Ministry of Trade, Industry and Resources (MOTIR), said both sides will launch negotiations to upgrade the Korea-Singapore Free Trade Agreement.
Prime Minister Lawrence Wong said that the upgrade would "ensure it remains forward-looking, relevant and beneficial to our businesses and workers", in remarks during a joint press conference with visiting South Korean President Lee Jae Myung.
"Over the past two decades, the global trading landscape has evolved significantly – with greater emphasis on supply chain resilience, digital trade and the green transition," he said.
The upgrade builds upon the strong momentum both sides have made in implementing the strategic partnership agreed last year when both countries marked 50 years of diplomatic relations, he said.
Monday marked the 20th year since the free trade agreement entered into force on Mar 2, 2006, after it was signed the year before.
Copies of the joint statement were exchanged between Trade and Industry Minister Tan See Leng and his South Korean counterpart Kim Jung-kwan, observed by Mr Wong and Mr Lee.
“Recognising the importance of strengthening cooperation, both sides will work towards cooperation in the areas of supply chain resilience, green economy, trade facilitation and aviation maintenance, repair and overhaul,” the two governments said in the statement.
“Both sides believe that strengthening cooperation and collaboration through a refreshed trade agreement will further promote trade and investment, thereby creating new opportunities for shared economic growth.”
In his remarks, Mr Lee called Singapore “a place of great significance", having hosted the historic United States-North Korea summit in 2018, when US President Donald Trump and North Korean leader Kim Jong Un met in person for the first time.
"Eight years ago, Singapore demonstrated exceptional diplomatic leadership for peace through communication and engagement. I am confident that Singapore will continue to play a constructive role in promoting peace on the Korean Peninsula and across the region," he said.
Both leaders also discussed the recent developments in the Middle East, said Mr Lee.
"We assessed the impact of the situation on global security in the world economy, including the energy supply chains, and share the hope that stability and peace will soon be restored in the Middle East," he said.
On Monday, Mr Wong and Mr Lee also witnessed the exchange of several memorandums of understanding (MOUs) during a ceremony at the Ministry of Foreign Affairs headquarters in Tanglin, on the second day of the South Korean leader’s visit to Singapore.
South Korean President Lee Jae Myung (left) and Singapore Prime Minister Lawrence Wong (right) during a meeting between both countries' delegations on Mar 2, 2026. (Photo: Ministry of Digital Development and Information)
Both countries concluded MOUs across areas such as artificial intelligence (AI), civilian nuclear energy and intellectual property.
An MOU on cooperation in AI and enabling digital technologies for public safety was signed between Singapore’s Home Team Science and Technology Agency (HTX) and South Korea’s National IT Industry Promotion Agency (NIPA).
Signed by HTX chief executive Chan Tsan and NIPA president Park Yun Kyu, it provides a practical framework for the two agencies to collaborate and promote the responsible development and use of AI and other emerging technologies for public safety.
The MOU would see both sides leverage programmes to enhance international collaboration in public safety innovation, and support each other in growing the innovation ecosystem and explore dual-use technologies with promising startups and industry partners, said HTX.
It will also let both agencies exchange knowledge, expertise or innovation through workshops, technical seminars and other activities such as conferences, events and festivals, said the agency.
The Energy Market Authority of Singapore (EMA) and Korea Hydro and Nuclear Power Co Ltd (KHNP) also concluded an MOU on civil nuclear energy capability building in small modular reactors.
It is the first MOU on civil nuclear energy cooperation between a Korean nuclear power company and a Singapore government agency, said the EMA.
Under the MOU,
This is part of EMA’s efforts to study various pathways to decarbonise Singapore’s power system, to ensure reliable, secure and sustainable energy supply, said the agency.
Singapore and South Korea will also continue working together on space and geospatial information sharing for environmental and pollution issues.
The MOU signed between the National Environment Agency (NEA) and South Korea’s National Institute of Environmental Research (NIER) back in July 2023 for three years, was extended until July 2029.
It promotes the sharing of satellite observations of air quality from NIER’s Geostationary Environment Monitoring Spectrometer (GEMS) and research collaborations on environmental monitoring of hazards and transboundary air pollution, said the NEA.
Launched in 2020, GEMS produces near-real time hourly daytime measurements of air quality over Asia, letting scientists study changes in atmospheric composition and how air pollutants are transported.
The data access has helped NEA in its operational monitoring of haze, according to the agency.
NEA is developing new satellite products in collaboration with NIER to support haze monitoring for the region, and is also doing research to improve atmospheric dispersion models for haze forecasts using GEMS data.
On Monday, Singapore and South Korea also exchanged MOUs to further develop and strengthen science and technology cooperation between both countries, and to work together in the field of intellectual property.
Mr Lee had arrived in Singapore on Sunday, and on Monday morning was given a ceremonial welcome at the Ministry of Foreign Affairs headquarters.
The South Korean president and First Lady Kim Hea Kyung then had an orchid named in their honour – the Vanda Lee Jae Myung Kim Hea Kyung.
Mr Lee also called on his Singapore counterpart President Tharman Shanmugaratnam.
After the joint press conference, Mr Lee was hosted to lunch by Mr Wong.
A state banquet is set to be hosted in his honour by Mr Tharman on Monday evening, before he departs Singapore on Tuesday.
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A joint statement released by Singapore’s Ministry of Trade and Industry (MTI) and South Korea’s Ministry of Trade, Industry and Resources (MOTIR), said both sides will launch negotiations to upgrade the Korea-Singapore Free Trade Agreement.
Prime Minister Lawrence Wong said that the upgrade would "ensure it remains forward-looking, relevant and beneficial to our businesses and workers", in remarks during a joint press conference with visiting South Korean President Lee Jae Myung.
"Over the past two decades, the global trading landscape has evolved significantly – with greater emphasis on supply chain resilience, digital trade and the green transition," he said.
The upgrade builds upon the strong momentum both sides have made in implementing the strategic partnership agreed last year when both countries marked 50 years of diplomatic relations, he said.
Monday marked the 20th year since the free trade agreement entered into force on Mar 2, 2006, after it was signed the year before.
Copies of the joint statement were exchanged between Trade and Industry Minister Tan See Leng and his South Korean counterpart Kim Jung-kwan, observed by Mr Wong and Mr Lee.
“Recognising the importance of strengthening cooperation, both sides will work towards cooperation in the areas of supply chain resilience, green economy, trade facilitation and aviation maintenance, repair and overhaul,” the two governments said in the statement.
“Both sides believe that strengthening cooperation and collaboration through a refreshed trade agreement will further promote trade and investment, thereby creating new opportunities for shared economic growth.”
In his remarks, Mr Lee called Singapore “a place of great significance", having hosted the historic United States-North Korea summit in 2018, when US President Donald Trump and North Korean leader Kim Jong Un met in person for the first time.
"Eight years ago, Singapore demonstrated exceptional diplomatic leadership for peace through communication and engagement. I am confident that Singapore will continue to play a constructive role in promoting peace on the Korean Peninsula and across the region," he said.
Both leaders also discussed the recent developments in the Middle East, said Mr Lee.
"We assessed the impact of the situation on global security in the world economy, including the energy supply chains, and share the hope that stability and peace will soon be restored in the Middle East," he said.
On Monday, Mr Wong and Mr Lee also witnessed the exchange of several memorandums of understanding (MOUs) during a ceremony at the Ministry of Foreign Affairs headquarters in Tanglin, on the second day of the South Korean leader’s visit to Singapore.
South Korean President Lee Jae Myung (left) and Singapore Prime Minister Lawrence Wong (right) during a meeting between both countries' delegations on Mar 2, 2026. (Photo: Ministry of Digital Development and Information)
COOPERATION ACROSS VARIOUS AREAS
Both countries concluded MOUs across areas such as artificial intelligence (AI), civilian nuclear energy and intellectual property.
An MOU on cooperation in AI and enabling digital technologies for public safety was signed between Singapore’s Home Team Science and Technology Agency (HTX) and South Korea’s National IT Industry Promotion Agency (NIPA).
Signed by HTX chief executive Chan Tsan and NIPA president Park Yun Kyu, it provides a practical framework for the two agencies to collaborate and promote the responsible development and use of AI and other emerging technologies for public safety.
The MOU would see both sides leverage programmes to enhance international collaboration in public safety innovation, and support each other in growing the innovation ecosystem and explore dual-use technologies with promising startups and industry partners, said HTX.
It will also let both agencies exchange knowledge, expertise or innovation through workshops, technical seminars and other activities such as conferences, events and festivals, said the agency.
The Energy Market Authority of Singapore (EMA) and Korea Hydro and Nuclear Power Co Ltd (KHNP) also concluded an MOU on civil nuclear energy capability building in small modular reactors.
It is the first MOU on civil nuclear energy cooperation between a Korean nuclear power company and a Singapore government agency, said the EMA.
Under the MOU,
This is part of EMA’s efforts to study various pathways to decarbonise Singapore’s power system, to ensure reliable, secure and sustainable energy supply, said the agency.
Singapore and South Korea will also continue working together on space and geospatial information sharing for environmental and pollution issues.
The MOU signed between the National Environment Agency (NEA) and South Korea’s National Institute of Environmental Research (NIER) back in July 2023 for three years, was extended until July 2029.
It promotes the sharing of satellite observations of air quality from NIER’s Geostationary Environment Monitoring Spectrometer (GEMS) and research collaborations on environmental monitoring of hazards and transboundary air pollution, said the NEA.
Launched in 2020, GEMS produces near-real time hourly daytime measurements of air quality over Asia, letting scientists study changes in atmospheric composition and how air pollutants are transported.
The data access has helped NEA in its operational monitoring of haze, according to the agency.
NEA is developing new satellite products in collaboration with NIER to support haze monitoring for the region, and is also doing research to improve atmospheric dispersion models for haze forecasts using GEMS data.
On Monday, Singapore and South Korea also exchanged MOUs to further develop and strengthen science and technology cooperation between both countries, and to work together in the field of intellectual property.
Mr Lee had arrived in Singapore on Sunday, and on Monday morning was given a ceremonial welcome at the Ministry of Foreign Affairs headquarters.
The South Korean president and First Lady Kim Hea Kyung then had an orchid named in their honour – the Vanda Lee Jae Myung Kim Hea Kyung.
Mr Lee also called on his Singapore counterpart President Tharman Shanmugaratnam.
After the joint press conference, Mr Lee was hosted to lunch by Mr Wong.
A state banquet is set to be hosted in his honour by Mr Tharman on Monday evening, before he departs Singapore on Tuesday.
Continue reading...