PM Wong: S'pore & South Korea to upgrade free trade agreement

Singapore and South Korea have announced plans to upgrade their free trade agreement (FTA).

Prime Minister Lawrence Wong said he and South Korean President Lee Jae Myung have agreed to upgrade Singapore and South Korea's FTA.

The two countries celebrated 50 years of diplomatic ties in 2025 and signed several memoranda of understanding.

PM Wong noted that Singapore’s investments in Korea have more than doubled since 2020.

"Companies like PSA, Singapore Airlines and CapitaLand are deepening collaborations with Korean partners across logistics, aviation and real estate," PM Wong said.

Likewise, Korea’s investments in Singapore have also grown steadily.

Wong said: "Leading firms like Hyundai, Lotte Group and Hanhwa Ocean are not only doing more here, but also using Singapore as a hub to access opportunities across Southeast Asia and beyond."

He attributed this robust growth to the "strong foundations" laid by the two countries' FTA, which entered into force in 2006.

Despite the strong performance, he noted that the global trading landscape has evolved significantly.

This is why the two leaders agreed to upgrade their FTA to ensure "it remains forward-looking, relevant and beneficial" to businesses and workers.

Nuclear and culture

PM Wong also talked about the partnership to advance their green ambitions.

He said Singapore is studying the potential of nuclear energy as part of a longer-term energy mix, and hopes to learn from Korea’s "expertise and experience".

The new MOUs will also facilitate joint research and talent exchange in areas like advanced manufacturing.

They have also agreed to deepen cooperation in AI and work towards a bilateral framework for specific areas of AI collaboration.

PM Wong also touched on cultivating more cooperation in the civil servant sector, with Singapore hosting the inaugural Singapura Programme, a bespoke programme for South Korean senior officials to "exchange experiences and best practices".

They also hope to start a broader civil service exchange programme next year, to promote two-way interactions and deeper institutional linkages.

Lastly, PM Wong noted the "people-to-people" ties of the two countries.

He noted that Singaporeans are avid fans of Korean culture, and similarly, welcomed the "many Korean visitors who come each year to Singapore":

"The Korean band BTS is performing here at the end of the year, and I understand that Singapore is their longest stop in Asia outside South Korea and Japan."

He also said Singapore looks forward to commencing negotiations to upgrade the Asean-Korea Free Trade Area.

Image from MDDI and Prime Minister’s Office Video