Singapore, March 3 -- Singapore and the Republic of Korea (RoK) on March 2 announced plans to launch negotiations to upgrade their bilateral free trade agreement (KSFTA) on the occasion of the 20th anniversary of the pact's entry into force (March 2, 2006-2026).

According to a joint statement by Singapore's Ministry of Trade and Industry and the RoK's Ministry of Trade, Industry and Energy, the upgrade aims to ensure that the agreement remains forward-looking, relevant and beneficial to businesses and workers of both countries.

During summit talks between RoK President Lee Jae Myung and Singaporean Prime Minister Lawrence Wong, held as part of Lee's state visit to Singapore from March 1-3, Wong noted that the global trade landscape has ...