President Lee: "We Will Upgrade the FTA with Singapore"... Expanded Cooperation on AI and Nuclear Power [Korea–Singapore Summit]

Reporter Choi Jong-geun of The Financial News, Republic of Singapore — President Lee Jae-myung of South Korea, on a state visit to the Republic of Singapore, held a summit with Prime Minister Lawrence Wong on the 2nd and agreed to launch negotiations to upgrade the Korea-Singapore Free Trade Agreement (KSFTA). They also decided to significantly expand cooperation in future strategic industries such as artificial intelligence (AI) and small modular reactors (SMR).
After concluding the summit with Lawrence Wong at the Singapore government complex, Lee Jae-myung said in a joint press statement, "We agreed to begin negotiations to improve the Korea-Singapore Free Trade Agreement (KSFTA) and adopted a Joint Declaration." He added, "The two of us agreed to upgrade our FTA, which marks its 20th year in force this year, so that it fully reflects changes in the trade and economic security environment as well as technological advances."
The "Joint Declaration on the Launch of Negotiations to Improve the Korea-Singapore Free Trade Agreement (KSFTA)" sets out plans to upgrade the FTA in four areas—supply chains, the green economy, trade facilitation, and aviation Maintenance, Repair and Overhaul (MRO)—in order to advance bilateral trade cooperation. The FTA between the two governments has been in force since March 2006. In addition, the governments of South Korea and the Republic of Singapore signed five Memorandums of Understanding (MOU) covering AI and digital cooperation, science and technology, and SMR, among others. In the SMR field, the two sides will jointly develop a business model for an Innovative Small Modular Reactor (i-SMR) and step up cooperation on human resources development. They also signed separate MOUs to share AI policies for public safety and to explore ways to apply AI in the intellectual property sector. Furthermore, the two countries agreed to deepen cooperation in quantum technology, SMR, and space and satellite technologies, and to jointly use environmental satellites to study air quality.
The two leaders last met four months ago, when Lawrence Wong visited South Korea in November, and this trip marks the first bilateral visit by the new administration to the Association of Southeast Asian Nations (ASEAN) region. At that summit, the two countries elevated their ties to a "strategic partnership"; this latest meeting aims to broaden the scope of that cooperation even further.
During the summit, Lee Jae-myung stated, "Through this visit, I hope we can further advance cooperation in trade and investment, which has driven the development of our bilateral relationship, and deepen and expand the scope of our collaboration in future strategic industries such as artificial intelligence, green energy transition, economic security and the defense industry." He continued, "To navigate the turbulence of today’s era of extreme uncertainty, we need a genuine, trustworthy partner with whom we can overcome difficulties together." He stressed, "I believe that through a frank exchange of views, we will confirm that our two countries have become strategic partners that share mutual trust and a common vision."
Lawrence Wong responded, "Because we share a strategic interest in defending free trade and upholding a rules-based order, I believe there are countless paths forward for the Republic of Singapore and South Korea." He added, "Today’s meeting is especially meaningful as it is our first since elevating our ties to a strategic partnership, and it is also significant that it comes at a time of great uncertainty in the international situation."
He went on, "Investment from the Republic of Singapore into South Korea has more than doubled since 2020. South Korean investment in the Republic of Singapore is also steadily increasing, with many companies such as Hyundai, Lotte Group and Hanwha Ocean not only engaging in diverse activities but also using the Republic of Singapore as a hub to expand into Southeast Asian markets and beyond." He explained, "I believe these developments have been possible because the Korea-Singapore Free Trade Agreement (KSFTA) was concluded in 2006."
The two leaders also exchanged views on the recent situation involving the Islamic Republic of Iran. Lee Jae-myung said, "We assessed the impact of developments in the Middle East on global security, energy supply chains and the world economy, and we shared the hope that stability and peace will be restored in the Middle East."
cjk@fnnews.com Reporter