Ministry of Trade Industry and Resources

Trade Minister Yeo Han-koo of the Ministry of Trade, Industry and Resources (MOTIR, Minister JK Kim) visited Singapore from April 27 to 28, 2026, to formally launch negotiations to upgrade the Korea–Singapore Free Trade Agreement (FTA) and discuss key ministerial-level trade issues. He also reviewed crude oil and naphtha market conditions with global energy traders and promoted Singaporean investment in Korea’s advanced industries and cross-border e-commerce exports of Korean consumer goods.

Rep. Lee Un-ju, a Supreme Council member of the Democratic Party of Korea and chair of the Korea–Singapore Parliamentary Friendship Association, participated in key programs, including industry meetings and investment promotion activities, drawing on her experience in the National Assembly’s industry and trade committee as well as in business and law.

1. Launch of Korea–Singapore FTA Upgrade Negotiations

On April 28, 2026, MOTIR and Singapore’s Ministry of Trade and Industry (MTI) formally launched negotiations to upgrade the Korea–Singapore FTA by signing the terms of reference, following the two countries’ agreement at their March 2026 summit. Trade Minister Yeo and Singapore’s Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong attended the signing, which was carried out by the chief negotiators of the two countries.

MOTIR then held the first round of Korea–Singapore FTA upgrade negotiations together with relevant Korean ministries, including the Ministry of Economy and Finance (MOEF) and the Ministry of Land, Infrastructure and Transport (MOLIT). The talks covered supply chains, the green economy, aviation maintenance, repair, and overhaul (MRO), and trade facilitation.

2. Ministerial-Level Trade Discussions with Singapore 

Trade Minister Yeo held talks with Singaporean ministerial-level officials, including Deputy Prime Minister Gan Kim Yong; Dr. Tan See Leng, Minister-in-charge of Energy and Science & Technology; and Grace Fu, Minister-in-charge of Trade Relations. They discussed accelerating the upgrade negotiations for the Korea–ASEAN FTA and the Korea–Singapore FTA to strengthen Korea’s economic cooperation framework with New Southern Policy partner countries.

The two sides also discussed plurilateral cooperation in support of free trade, including the Future of Investment and Trade Partnership (FIT Partnership) and the Green Economy Partnership Agreement (GEPA), as well as supply chain cooperation in energy, biotechnology, and pharmaceuticals.

3. Meetings with Global Energy Traders to Review Crude Oil and Naphtha Supply Risks

Trade Minister Yeo and Rep. Lee held a series of meetings in Singapore with global energy traders Vitol and Trafigura and commodity market intelligence provider S&P Global to discuss the global energy market outlook and response options. They also met with Korean refining and petrochemical companies operating in Singapore to review crude oil and naphtha supply conditions and hear industry concerns.

4. Investment Promotion and Cross-Border E-Commerce Exports

The Korean delegation met with Chia Song hwee, CEO of Temasek Global Investments. Temasek, a Singapore investment company and long-term investor in Korea in areas such as life sciences, expressed interest in exploring further investments in advanced technology sectors in the country, including AI and semiconductors. The delegation also visited Shopee, Southeast Asia’s largest e-commerce company, to discuss dedicated sections for Korean products, certification support, and logistics cooperation for Korean SMEs in K-fashion, beauty, and food.

5. Visits to Advanced Manufacturing AI and Port Automation Sites

The Korean delegation visited Hyundai Motor Group Innovation Center Singapore (HMGICS), Singapore’s advanced manufacturing innovation hub, and PSA Singapore, a global port operator, to review the current state of manufacturing AI and logistics automation technologies. At HMGICS, the delegation toured automated production lines and a digital command center, and discussed implications for Korea’s M.AX initiative.

Trade Minister Yeo said, “This visit allowed us to follow up on the March summit by launching FTA upgrade negotiations and discussing key economic cooperation issues, including supply chain stability for crude oil and naphtha, investment promotion, and cross-border e-commerce exports. We will work to translate these discussions into practical outcomes for Korean companies.”

Rep. Lee said, “Today’s supply chain risks go beyond energy supply and demand. They are an economic security issue that requires strategic cooperation with global hubs such as Singapore.” As chair of the Korea–Singapore Parliamentary Friendship Association, Rep. Lee pledged to help advance practical cooperation between Korea and Singapore across energy, investment, and AI.