Prime Minister Lawrence Wong and President Yoon Suk Yeol discuss deepening Singapore-Korea cooperation across economic, security, and regional issues, with plans to upgrade bilateral relations to a Strategic Partnership in 2025.
On October 8, 2024, Prime Minister and Minister for Finance Lawrence Wong met with President Yoon Suk Yeol of the Republic of Korea during a joint press conference in Singapore. This marked President Yoon’s first visit to Singapore as president and the first in-person meeting between the two leaders, following prior virtual discussions.
The two leaders held a productive meeting, focusing on expanding cooperation both bilaterally and regionally. Singapore and Korea, often referred to as “Asian Tigers” for their rapid economic transformations, share strong economic ties. Wong highlighted the mutual benefits of this relationship, including significant trade and investment flows between the two nations. Korean investments in Singapore are rising, as are Singaporean investments in Korea.
During the visit, Singapore and Korea signed several key agreements, including an Extradition Treaty and Memorandums of Understanding (MOUs) covering areas such as supply chains, LNG procurement, technological cooperation, and food safety. Wong also emphasized the importance of people-to-people ties, noting the increasing number of tourists, students, and professionals traveling between the two nations.
A key outcome of the meeting was the leaders’ agreement to upgrade their bilateral relationship to a Strategic Partnership by 2025, which marks the 50th anniversary of diplomatic relations between Singapore and Korea. This upgrade aims to enhance cooperation in areas such as trade, air services, defense, education, climate change, and technology.
The leaders also discussed Korea’s relationship with ASEAN, with Wong commending Korea’s commitment to ASEAN Centrality and its support for digital transformation in the region. They reviewed progress on the ASEAN-Korea Free Trade Agreement and Air Services Agreement, with both nations aiming to strengthen regional connectivity.
Lastly, the situation on the Korean Peninsula was addressed, with President Yoon updating Wong on developments. Singapore reaffirmed its support for peace and stability in the region and encouraged constructive dialogue between North and South Korea.
Wong expressed confidence that Singapore-Korea relations would continue to flourish, stating that partnerships between like-minded countries were increasingly important in today’s complex global environment.
Source – PMO
