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ECONOMY | Staff Reporter, Singapore

Singapore and Korea to review free trade agreement

Their bilateral trade reached $45.4b in 2017.

Singapore and Korea inked deals to further advance their bilateral relationship, an announcement revealed. Under a Memorandum of Agreement (MOU) on trade, the two countries have agreed to review the implementation of Korea-Singapore Free Trade Agreement (KSFTA).

“The KSFTA is an important cornerstone of our bilateral economic relations and this review will ensure that the agreement continues to remain relevant to the business needs of both Singaporean and Korean companies,” parliamentary secretary for trade and industry and foreign affairs Dr Tan Wu Meng.

In 2017, the countries’ bilateral trade in goods reached $45.4b which makes Korea as Singapore’s 9th largest trading partner.

Moreover, both countries committed to pursue and promote cooperation in industrial technologies in medicine, artificial intelligence (AI), and industrial Internet of Things (IIOT)through supporting R&D projects and holding events in related areas.

Said initiatives will be led by the Korea Institute for Advancement of Technology (KIAT) and Singapore’s Agency for Science, Technology and Research (A*STAR).

In addition, the MOU on energy will allow both countries to advance cooperation in smart grids, as well as energy security and Internet of Things (IoT) applications in energy technologies.

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