(4th LD) Lee, Singapore PM agree to launch FTA upgrade talks, strengthen AI cooperation

▲ President Lee Jae Myung (L) shakes hands with Singaporean Prime Minister Lawrence Wong ahead of their summits talks at Singapore's Ministry of Foreign Affairs on March 2, 2026. (Yonhap)

▲ President Lee Jae Myung (L) hugs Singaporean Prime Minister Lawrence Wong after their joint press announcement at Singapore's Ministry of Foreign Affairs on March 2, 2026. (Yonhap)

▲ President Lee Jae Myung (L) holds summit talks with Singaporean Prime Minister Lawrence Wong (R) at Singapore's Ministry of Foreign Affairs on March 2, 2026. (Yonhap)

▲ President Lee Jae Myung (R) shakes hands with Singaporean President Tharman Shanmugaratnam during a welcome ceremony for Lee held at Singapore's Ministry of Foreign Affairs on March 2, 2026. (Pool photo) (Yonhap)

(4th LD) Lee-Singapore-summit

(4th LD) Lee, Singapore PM agree to launch FTA upgrade talks, strengthen AI cooperation

(ATTN: UPDATES with latest details throughout; CHANGES headline, photos)

By Kim Eun-jung

SINGAPORE, March 2 (Yonhap) -- President Lee Jae Myung and Singaporean Prime Minister Lawrence Wong agreed to launch negotiations to upgrade their countries' free trade agreement (FTA) and step up cooperation in artificial intelligence (AI) during summit talks on Monday.

The leaders said they agreed to formally launch talks to upgrade the FTA as part of efforts to further strengthen cooperation in "economic security and strategic investments."

"We two leaders agreed to upgrade the bilateral FTA, which took effect twenty years ago, in a manner that fully reflects evolving trade and economic security dynamics, as well as technological advances," they said in a joint press announcement.

The bilateral trade pact went into force in 2006 and currently only covers goods and services.

The Lee-Wong summit marked the second of its kind in four months following their previous talks during Wong's visit to Seoul.

Lee earlier said Monday's meeting would be meaningful in that it may pave the way for further deepening the strategic partnership the two countries forged during their first meeting.

"I look forward to further solidifying our current cooperation in trade, investment and infrastructure and expanding the scope of our bilateral cooperation to include such promising future-oriented fields as AI, nuclear energy and cutting-edge science and technology," he said.

To help lay the groundwork for cooperation, the two nations signed five memorandums of understanding (MOUs) in areas including AI, small modular reactors, digital, and science and technology.

Under an agreement signed on the sidelines of the summit, the two sides agreed to strengthen AI cooperation in public safety and intellectual property sectors and work toward developing an AI Cooperation Framework.

"Through physical AI-driven industrial innovation and joint research and expanded investment in real world applications of AI, our two countries will secure the momentum needed to advance our AI cooperation," Lee said.

AI is one of the key areas of cooperation between the Asian tech powerhouses. South Korea has strength in semiconductors, data center infrastructure and manufacturing AI, while Singapore has advanced AI governance and regulation and serves as a hub for AI data in Southeast Asia.

Another MOU paves the way for joint research on small modular reactors, as well as information sharing and training, while other agreements include partnerships in science and technology cooperation in quantum computing, space and satellite technologies.

To spearhead investment cooperation, the state-run Korea Development Bank and Seviora, a Temasek-owned asset management group, signed an MOU for investment partnership.

Held against the backdrop of escalating tensions in the Middle East, the South Korea-Singapore summit also covered security issues on the Korean Peninsula and beyond.

Lee thanked Wong for his support for Seoul's efforts to promote peace on the Korean Peninsula and resume talks with North Korea, noting that Singapore served as the venue for the historic 2018 summit between U.S. President Donald Trump and North Korean leader Kim Jong-un.

"Eight years ago, Singapore demonstrated outstanding diplomatic prowess as a peacemaker through its leadership in promoting dialogue and communication," he said. "I believe that Singapore will continue to play a constructive role in promoting peace on the Korean Peninsula and in the region."

Amid rising tensions in the Middle East following U.S.-Israel joint strikes on Iran, Lee and Wong also discussed the latest developments in the region and discussed ways to coordinate on the international stage.

"We assessed the impact of the situation in the Middle East on the global security and global economy, including energy supply chains," Lee said. "We also shared the hope that stability and peace will be restored in the Middle East."

Lee said deepening ties is especially important amid shifts in the international landscape and suggested expanding cooperation toward shared challenges.

"In today's era of extreme uncertainty, trustworthy and genuine partners are more urgently needed than ever to navigate turbulent challenges together," he said.

Wong struck a similar tone, saying their meeting is even more meaningful at a time of shifting global dynamics and expressing hope that the two countries, which share values such as support for free trade and a rules-based international order, will further advance cooperation.

Later in the day, Lee will attend the AI Connect Summit, a bilateral business forum involving entrepreneurs and business leaders of the two countries in the field.

Ahead of the summit, Lee was welcomed by Singaporean President Tharman Shanmugaratnam, ceremonial head of state, at an official ceremony and attended a naming ceremony for "Vanda Lee Jae Myung Kim Hea Kyung," an orchid hybrid named after Lee and the first lady to honor Lee's state visit.

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