Joint Press Briefing Following Korea-Singapore Summit
U.S. and Israeli Airstrikes on Iran Heighten Middle East Tensions
"Consensus on Restoring Stability and Peace"
"Assessing Impact on Global Security and Supply Chains... Expecting t
President Lee Jaemyung, on a state visit to Singapore, held a summit meeting with Prime Minister Lawrence Wong and stated that they agreed on the hope that "stability and confidence in the Middle East will be restored" in response to the instability triggered by the US and Israel's airstrikes on Iran. In particular, President Lee discussed the impact of the Middle East situation on global security and energy supply chains and requested Singapore's active role for peace on the Korean Peninsula and in the region.
On March 2, immediately after the summit at the Ministry of Foreign Affairs building in Singapore, President Lee said during the joint press statement, "Prime Minister Wong and I discussed the recent situation in the Middle East," and "We assessed the impact of the Middle East situation on global security, energy supply chains, and the global economy." On February 28, the United States and Israel carried out airstrikes on Iran, and during this process, Iran's Supreme Leader Ali Khamenei died, which has heightened fears across the Middle East. The Korean government has established a 24-hour emergency response system led by Prime Minister Kim Minseok.
President Lee also addressed peace on the Korean Peninsula and dialogue with North Korea and the United States. He highlighted that Singapore was the venue for the historic North Korea-US summit in 2018, stating, "Eight years ago, Singapore demonstrated outstanding diplomatic leadership toward peace through dialogue and communication." He added, "I deeply thank Prime Minister Wong for supporting our government's efforts for peace and stability on the Korean Peninsula and resumption of inter-Korean dialogue," and said, "I trust you will play a constructive role for peace on the Korean Peninsula and in the region."
He also proposed further expanding and developing exchanges and cooperation between the two countries. Referring to the fact that this was their second summit in four months, President Lee said, "Both countries have demonstrated the capacity to grow into exemplary middle powers using limited resources and geopolitical challenges as a springboard for development. Even in an era of extreme uncertainty, we are reliable partners."
He continued, "The two countries, which have led the regional free trade order, will launch negotiations to improve the Free Trade Agreement (FTA)," and added, "We will improve the FTA to reflect changes in the trade, economic security environment, and technological development." He also said, "Korea Development Bank and 'Seviora,' the asset management group of Singapore's sovereign wealth fund 'Temasek,' have signed an investment memorandum of understanding (MOU) to spearhead investment cooperation," and, "We will also promptly sign an MOU for smart farm cooperation to expand food security collaboration."
Furthermore, President Lee said that the two countries would sign an 'AI Cooperation Framework' in the core field of artificial intelligence (AI) to serve as a stepping stone for realizing the vision of 'AI for All.' Regarding security, he stated that both sides agreed to expand joint research in defense technology and continue discussions on measures to strengthen defense capabilities. Both countries also agreed to enhance transnational cooperation against online scams and cyber threats.
President Lee said, "As an outcome of this summit, I hope both countries will broaden the scope of cooperation into promising future fields such as AI, nuclear power, and advanced technologies," adding, "Together with Singapore, we will actively implement the 'CSP Vision' and strongly support Singapore's activities as next year's ASEAN chair." The 'CSP Vision' refers to the 'Contributor, Springboard, and Partner' for dreams, hope, growth, innovation, peace, and stability, as announced at last year's Korea-ASEAN summit.
'Launch of Korea-Singapore FTA Improvement Negotiations'... MOUs Signed in Five Areas Including Science and Technology, Intellectual Property, and SMRs
Kim Yong-sun, Director of the Intellectual Property Office, and Nikki Tan, Chairman of the Board of the Intellectual Property Office of Singapore, are taking a commemorative photo after signing an MOU on cooperation to strengthen intellectual property at the Ministry of Foreign Affairs building in Singapore on the 2nd, attended by President Lee Jae-myung and Singapore Prime Minister Lawrence Wong. Photo by Yonhap News Agency
The 'Joint Declaration on the Launch of Korea-Singapore FTA Improvement Negotiations' agreed upon by the two leaders includes the modernization of the agreement focusing on four areas: supply chains, green economy, trade facilitation, and aviation MRO (maintenance, repair, and overhaul) to advance trade cooperation. The aim is to modernize regulations to reflect the rapidly changing trade environment and support greater entry of Korean companies into the ASEAN market. The FTA between the two governments was the second concluded by the Korean government after Chile and has been in effect since March 2006.
The two countries signed a science and technology cooperation MOU to strengthen policy sharing and personnel exchanges in areas such as quantum technology, SMRs (Small Modular Reactors), and space and satellite technology, with plans to operate a Joint Committee on Science and Technology as a framework for cooperation. An MOU for AI and digital technology cooperation in public safety was also signed. This will expand information and knowledge sharing on AI policy in the public safety sector and seek ways to support and promote cooperation among promising companies (from Korea and Singapore) in public safety and security industries.
An MOU for strengthened cooperation in the field of intellectual property (IP) was also signed. The main agenda includes transitioning intellectual property administrative services to AI, improving laws and systems to protect AI-related intellectual property, and expanding the use of AI throughout the entire process of securing and protecting intellectual property. The renewed climate and environmental cooperation has led to an MOU on joint use of environmental satellites. Both countries will share environmental satellite data and continue cooperation for data verification, air quality research, and policy application.
In the energy sector, a separate SMR cooperation MOU was prepared. This aims to strengthen the foundation for cooperation through joint development of small modular reactor (i-SMR) business models, personnel training, and information sharing. The signing of these documents is interpreted as an effort to modernize trade regulations and broaden the scope of cooperation in strategic areas such as AI, digital technologies, nuclear power, space, and environmental data, thereby elevating the bilateral relationship to a 'future industry alliance.'
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