Singapore: President Lee Jae Myung and Singaporean Prime Minister Lawrence Wong have agreed to initiate negotiations aimed at upgrading the free trade agreement (FTA) between South Korea and Singapore, alongside enhancing cooperation in the field of artificial intelligence (AI). During summit talks held on Monday, the leaders underscored their commitment to bolster economic security and strategic investments.
According to Yonhap News Agency, the leaders announced their decision to formally launch discussions to update the FTA, initially implemented in 2006. This agreement currently covers goods and services, and the upgrade aims to reflect modern trade dynamics, economic security considerations, and technological advancements. The recent summit is the second meeting between Lee and Wong in four months, following the Prime Minister's visit to Seoul.
President Lee expressed hope that the meeting would deepen the strategic partnership established during their earlier discussions. He emphasized the importance of solidifying cooperation in trade, investment, and infrastructure, while expanding bilateral efforts to include AI, nuclear energy, and advanced science and technology.
To set the stage for enhanced collaboration, both nations signed five memorandums of understanding (MOUs) covering areas such as AI, small modular reactors, digital technology, and science and technology. A notable agreement was reached to strengthen AI cooperation in public safety and intellectual property, with an eye toward developing an AI Cooperation Framework.
The collaboration in AI showcases the complementary strengths of the two countries, with South Korea excelling in semiconductors and AI manufacturing, and Singapore leading in AI governance and serving as a data hub in Southeast Asia. Additional MOUs facilitate joint research on small modular reactors and partnerships in quantum computing, space, and satellite technologies.
In an effort to foster investment cooperation, Korea Development Bank and Seviora, a Temasek-owned asset management group, signed an MOU for an investment partnership.
The summit also addressed regional security issues, with discussions on the Korean Peninsula and rising tensions in the Middle East. President Lee acknowledged Singapore's diplomatic role as a peacemaker, referencing the historic 2018 summit between U.S. President Donald Trump and North Korean leader Kim Jong-un held in Singapore. The leaders also deliberated on the impact of Middle East tensions on global security and energy supply chains.
Both leaders expressed the necessity of deepening ties amid global uncertainties, emphasizing the importance of reliable partnerships. Prime Minister Wong echoed this sentiment, highlighting the shared values between South Korea and Singapore, such as support for free trade and a rules-based international order.
Later in the day, President Lee is scheduled to attend the AI Connect Summit, a business forum featuring entrepreneurs and business leaders from both countries. His state visit also included a ceremonial welcome by Singaporean President Tharman Shanmugaratnam and the naming of an orchid hybrid, "Vanda Lee Jae Myung Kim Hea Kyung," in honor of Lee and the first lady.