South Korea, Singapore to boost free trade ties

President Lee Jae-myung paid a state visit to Singapore on March 2, local time, holding summit talks with Singaporean Prime Minister Lawrence Wong and formally launching his ASEAN diplomacy. Amid mounting uncertainty over U.S. tariffs, Lee chose Singapore, widely regarded as a regional hub for trade, energy and technology, as his first Southeast Asian destination. The decision underscored his intent to deepen the countries’ strategic partnership.

Speaking at a joint press conference after their meeting at the Singapore Ministry of Foreign Affairs, Lee said the two nations agreed to upgrade their free trade agreement to reflect shifts in the global trade and economic security landscape, as well as rapid technological advances. “In an era of extreme uncertainty, we have agreed to strengthen cooperation as trusted partners,” he said. Wong said South Korea and Singapore share strategic interests as like-minded countries committed to defending free trade and a rules-based order, adding that this alignment creates broad scope for future collaboration.

The two sides adopted a joint declaration launching negotiations to upgrade the Korea-Singapore free trade agreement, which took effect in 2006. They also signed five memorandums of understanding on cooperation in artificial intelligence, space and satellite technology, and small modular reactors. Lee said the countries would pursue an AI cooperation framework aimed at spurring industrial innovation based on physical AI, expanding joint research and investment, and reinforcing the momentum of bilateral AI collaboration.

Lee also cited a new investment partnership between Korea Development Bank and Seviora, an asset management arm of Singapore’s sovereign wealth fund Temasek, saying the two sides would pursue closer and more strategic cooperation in cross-border investment. “We will advance bilateral investment ties in a more strategic manner,” Lee said. "The two countries agreed to expand ongoing joint research in defense technology and to continue discussions on strengthening defense capabilities rooted in advanced technologies.

The two leaders also exchanged views on recent developments in the Middle East, including U.S. strikes in Iran. Lee said they shared the view that the situation’s impact on global security and energy supply chains should be closely assessed and expressed hope for the restoration of stability and peace in the region.


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