Singapore and South Korea have agreed to commence negotiations for upgrading their bilateral free trade agreement, following the completion of respective domestic procedures, according to a joint statement. The two nations will collaborate in areas such as supply chain resilience, the green economy, trade facilitation, and aviation maintenance, repair, and overhaul (MRO). Singaporean Prime Minister Lawrence Wong stated during a joint address with South Korean President Lee Jae-myung on Monday, "The global trade landscape has undergone significant changes, with greater emphasis now placed on supply chain resilience, digital trade, and the green transition." "President Lee and I have agreed to upgrade the free trade agreement to ensure it remains forward-looking, relevant, and beneficial to businesses and workers in both countries," Wong added. He also noted that the two countries have initiated talks on a nuclear energy cooperation agreement and are establishing a bilateral framework for specific collaboration in the field of artificial intelligence. President Lee is currently visiting Singapore, where the leaders witnessed the signing of multiple memoranda of understanding aimed at strengthening cooperation in trade, energy security, science and technology, intellectual property, environment, and public safety and security. The original free trade agreement between the two countries took effect in 2006.
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