South Korea and Singapore agreed Monday to begin negotiations to upgrade their bilateral free trade agreement and deepen cooperation in nuclear energy, including small modular reactors, as the two countries seek to strengthen economic security amid growing global uncertainty.
President Lee Jae Myung and Singaporean Prime Minister Lawrence Wong announced the decision following summit talks at Singapore’s Ministry of Foreign Affairs, marking their second meeting in four months since elevating ties to a strategic partnership. The agreements are part of five memorandums of understanding signed on Monday covering areas such as artificial intelligence, small modular reactors, and digital as well as science and technology cooperation.
The two leaders said they would formally launch negotiations to modernize the Korea-Singapore FTA, which entered into force in 2006, to better reflect changes in the global economy, digital trade and emerging strategic industries.
“We concurred on the need to bolster the economic ties that have led the development of our bilateral relations, while accelerating innovation in future-oriented, cutting-edge industries such as artificial intelligence and reinforcing the foundations of our cooperation in defense and security,” Lee said during the joint press conference.
