Key facts
- South Korea and Singapore have begun their second round of talks to upgrade their bilateral free trade agreement.
- The negotiations aim to bolster trade ties, with a focus on supply chains, the green economy, and aviation maintenance, repair, and overhaul (MRO) sectors.
- The two countries implemented their bilateral FTA in 2006.
- The first round of talks was held in Singapore in April.
South Korea and Singapore have initiated their second round of negotiations aimed at upgrading their existing free trade agreement (FTA). The two-day talks, taking place in Seoul, are designed to enhance bilateral trade relations, with particular emphasis on key sectors including supply chains, the green economy, and aviation maintenance, repair, and overhaul (MRO).
The Ministry of Trade, Industry and Resources stated that efforts will be made to improve trade terms and facilitate South Korean firms' access to the Southeast Asian market, given Singapore's position as the second-largest investment and trade partner for South Korea within ASEAN.
The bilateral FTA between South Korea and Singapore was first implemented in 2006. The initial round of these upgrade negotiations occurred in Singapore in April.