Seoul: South Korea and Singapore have commenced a second round of negotiations aimed at upgrading their bilateral free trade agreement (FTA), as announced by Seoul's trade ministry on Tuesday. The focus of these discussions is to enhance trade relations, particularly in the areas of supply chain, green economy, and aviation maintenance, repair, and overhaul (MRO) sectors.

According to Yonhap News Agency, the two-day talks, which are taking place in Seoul, underscore the strategic importance of Singapore as South Korea's second-largest investment and trade partner within the Association of Southeast Asian Nations (ASEAN). The Ministry of Trade, Industry and Resources highlighted the goal of these negotiations: to refine trade terms that will support South Korean enterprises in expanding their presence in Singapore.

The bilateral FTA between South Korea and Singapore was first implemented in 2006. The current negotiation phase follows the initial round held in Singapore in April, signifying a continued commitment to strengthening economic ties between the two nations.