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Singapore, RoK plan to upgrade bilateral free trade agreement

The upgrade aims to ensure that the agreement remains forward-looking, relevant and beneficial to businesses and workers of both countries.

RoK President Lee Jae Myung (left) and Singaporean Prime Minister Lawrence Wong shake hands after delivering a joint press statement following their summit at Singapore’s Ministry of Foreign Affairs on March 2. (Photo: Yonhap)
RoK President Lee Jae Myung (left) and Singaporean Prime Minister Lawrence Wong shake hands after delivering a joint press statement following their summit at Singapore’s Ministry of Foreign Affairs on March 2. (Photo: Yonhap)

Singapore (VNA) – Singapore and the Republic of Korea (RoK) on March 2 announced plans to launch negotiations to upgrade their bilateral free trade agreement (KSFTA) on the occasion of the 20th anniversary of the pact’s entry into force (March 2, 2006–2026).

According to a joint statement by Singapore’s Ministry of Trade and Industry and the RoK’s Ministry of Trade, Industry and Energy, the upgrade aims to ensure that the agreement remains forward-looking, relevant and beneficial to businesses and workers of both countries.

During summit talks between RoK President Lee Jae Myung and Singaporean Prime Minister Lawrence Wong, held as part of Lee’s state visit to Singapore from March 1-3, Wong noted that the global trade landscape has changed significantly over the past two decades, with greater emphasis on supply chain resilience, digital trade and green transition. He stressed that upgrading the KSFTA would build on the momentum of the strategic partnership established last year as the two countries celebrated 50 years of diplomatic ties.

The two leaders expressed confidence that a renewed trade agreement would further boost bilateral trade and investment, creating new opportunities for shared economic growth amid global uncertainties.

During the visit, the two sides witnessed the exchange of many memoranda of understanding (MOUs) covering cooperation in artificial intelligence (AI), civil nuclear energy, intellectual property, science-technology and the environment./.

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