Seoul and Singapore agree to modernize 2006 FTA using sector-specific updates and sign SMR and AI cooperation deals

South Korea and Singapore agreed on Monday to launch negotiations to upgrade their 2006 free trade agreement (FTA) and signed five memoranda of understanding, including cooperation on small modular reactors (SMRs), during President Lee Jae Myung’s state visit to the city-state. The joint declaration marks the 20th anniversary of the ROK-Singapore FTA’s entry into force and commits both sides to apply a “modular” approach to updating rules in areas such as supply chains and the green economy.

Korea Hydro and Nuclear Power (KHNP) and Singapore’s Energy Market Authority (EMA) exchanged an MOU on SMR cooperation, covering feasibility studies, workforce training and the sharing of technical information and best practices. Singapore last year allocated about $3.4 billion (5 trillion won) in SMR-related funding under its future energy policy framework to study options for meeting rising electricity demand and decarbonization goals. The two governments also signed agreements in AI, digital and science and technology cooperation.

South Korea and Singapore agreed on Monday to launch negotiations to upgrade their 2006 free trade agreement (FTA) and signed five memoranda of understanding, including cooperation on small modular reactors (SMRs), during President Lee Jae Myung’s state visit to the city-state. The joint declaration marks the 20th anniversary of the ROK-Singapore FTA’s entry into force and commits both sides to apply a “modular” approach to updating rules in areas such as supply chains and the green economy.

Korea Hydro and Nuclear Power (KHNP) and Singapore’s Energy Market Authority (EMA) exchanged an MOU on SMR cooperation, covering feasibility studies, workforce training and the sharing of technical information and best practices. Singapore last year allocated about $3.4 billion (5 trillion won) in SMR-related funding under its future energy policy framework to study options for meeting rising electricity demand and decarbonization goals. The two governments also signed agreements in AI, digital and science and technology cooperation.

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