Singapore and S. Korea to upgrade FTA, leaders say as President Lee pays state visit

With the global trading landscape having evolved significantly, the upgrade is timely, says PM Wong Read more at straitstimes.com.

SINGAPORE - Singapore and South Korea will upgrade an existing Free Trade Agreement (FTA) to ride on strong growth of trade and economic ties between the two countries, said Prime Minister Lawrence Wong.

Speaking at a joint press conference with visiting South Korean President Lee Jae Myung on March 2, Mr Wong noted that the global trading landscape has evolved significantly over the last two decades with greater emphasis on supply chain resilience, digital trade and the green transition, making the upgrade of the two-decade-old FTA a timely one. The FTA first came into force in 2006.

South Korean President Lee, who is on a three-day state visit after taking office in June 2025, said that the upgrading of the FTA will fully reflect “evolving trade and economic security dynamics, as well as technological advances”, and advance the two countries’ investment cooperation in a more strategic manner.

Both South Korea and Singapore are now among each other’s top 10 trading partners.

In 2025, South Korea was Singapore’s seventh largest trading partner, while Singapore was South Korea’s ninth largest trading partner. 

Singapore’s investments in South Korea have more than doubled since 2020, said Mr Wong, with companies like PSA, Singapore Airlines and CapitaLand deepening collaboration with South Korean partners across the fields of logistics, aviation and real estate.