Singapore, South Korea to work towards upgrading free trade agreement
CNA
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SINGAPORE: Singapore and South Korea on Monday (Mar 2) announced plans to upgrade the free trade agreement between both countries.
A joint statement released by Singapore’s Ministry of Trade and Industry (MTI) and South Korea’s Ministry of Trade, Industry and Resources (MOTIR), said both sides will launch negotiations to upgrade the Korea-Singapore Free Trade Agreement.
Prime Minister Lawrence Wong said that the upgrade would "ensure it remains forward-looking, relevant and beneficial to our businesses and workers", in remarks during a joint press conference with visiting South Korean President Lee Jae Myung.
"Over the past two decades, the global trading landscape has evolved significantly – with greater emphasis on supply chain resilience, digital trade and the green transition," he said.
The upgrade builds upon the strong momentum both sides have made in implementing the strategic partnership agreed last year when both countries marked 50 years of diplomatic relations, he said.
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