Singapore: President Lee Jae Myung and Singaporean Prime Minister Lawrence Wong have agreed to initiate negotiations to enhance their countries' free trade agreement (FTA) and bolster collaboration in artificial intelligence (AI). The decision came during summit discussions held on Monday.
According to Yonhap News Agency, the leaders jointly announced their intention to formally commence talks aimed at upgrading the FTA. This move is part of broader efforts to reinforce cooperation in "economic security and strategic investments." The existing trade agreement, which has been in place since 2006, currently covers only goods and services.
This meeting marks the second summit between Lee and Wong in four months, following previous discussions during Wong's visit to Seoul. President Lee expressed that the recent meeting could significantly deepen the strategic partnership established during their initial encounter.
The two nations have also signed five memorandums of understanding (MOUs) to facilitate cooperation in areas such as AI, small modular reactors, digital technology, and science and technology. One of the agreements focuses on strengthening AI collaboration in public safety and intellectual property sectors, with both sides working towards an AI Cooperation Framework.
South Korea and Singapore are recognized as technological leaders in Asia, with South Korea excelling in semiconductors, data center infrastructure, and AI manufacturing, while Singapore is known for its advanced AI governance and serves as a hub for AI data in Southeast Asia. The summit also saw the signing of an MOU between Korea Development Bank and Seviora, a Temasek-owned asset management group, to spearhead investment cooperation.
In addition to economic discussions, the summit addressed security issues on the Korean Peninsula and beyond, especially amid escalating tensions in the Middle East. President Lee thanked Prime Minister Wong for supporting Seoul's efforts to promote peace on the Korean Peninsula, highlighting Singapore's historical role as a venue for the 2018 summit between U.S. President Donald Trump and North Korean leader Kim Jong-un.
The leaders also discussed the impact of the Middle East situation on global security and the economy, including energy supply chains, and expressed hope for restored stability and peace in the region. Both leaders emphasized the importance of deepening bilateral ties amid global uncertainties and shifting international dynamics.
Later in the day, President Lee is scheduled to attend the AI Connect Summit, a bilateral business forum featuring entrepreneurs and business leaders from both countries. Prior to the summit, Lee was welcomed by Singaporean President Tharman Shanmugaratnam at an official ceremony and participated in a naming ceremony for "Vanda Lee Jae Myung Kim Hea Kyung," an orchid hybrid named in honor of Lee's state visit.