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SEOUL: Singapore and South Korea on Sunday (Nov 2) elevated their relationship to a Strategic Partnership as they marked 50 years of diplomatic relations.<\/span><\/p>\n Cooperation between the two countries will be deepened and expanded in key areas and eight Memorandums of Understanding (MOUs) will be signed as part of the upgraded ties.\u00a0<\/span><\/p>\n Singapore Prime Minister Lawrence Wong and South Korean President Lee Jae Myung announced the new high-level diplomatic relationship at a joint press conference during Mr Wong\u2019s first official visit to the country\u2019s capital as prime minister.<\/span><\/p>\n Speaking after an MOU ceremony at the Yongsan presidential office, Mr Wong said both sides have worked closely together while charting their own path and the partnership is stronger than ever.<\/span><\/p>\n Singapore and South Korea are among each other\u2019s top 10 trading partners, while investment flows are growing substantially. More Singaporeans are visiting, studying and working in Korea, and vice versa.<\/span><\/p>\n \u201cPresident Lee and I just now reaffirmed the excellent state of our relationship, and the vast potential for us to do more together,\u201d said Mr Wong, explaining the rationale for the new Strategic Partnership.<\/span><\/p>\n He said the two countries will collaborate more closely in defence technology and cybersecurity, as well as learn from each other\u2019s experiences to improve the quality and delivery of public services.<\/span><\/p>\n Singapore and South Korea will also deepen economic links and connectivity to unlock new opportunities for businesses and workers, and work together for green and more sustainable growth.<\/span><\/p>\n They will harness \u201ccomplementary strengths\u201d in research, innovation and technology, and broaden people-to-people exchanges in education, arts, culture and sports.<\/span><\/p>\n \u201cWe will work together to promote regional peace, stability and prosperity, and to reinforce the multilateral rules-based trading system, from which we have both benefited,\u201d said Mr Wong.<\/span><\/p>\n He also said Singapore and South Korea will jointly launch a project under the Singapore Cooperation Programme and the ASEAN-Korea Cooperation Fund to support digital transformation in Southeast Asia.<\/span><\/p>\n \u201cSingapore also looks forward to launching negotiations to upgrade the ASEAN-Korea FTA early next year,\u201d he added.<\/span><\/p>\n Given the uncertainty in the global economy, partnerships between like-minded countries have become \u201cever more vital\u201d, said Mr Wong.<\/span><\/p>\n In an interview with Singapore media, he said the upgrading of ties with various countries is \u201cvery much\u201d a response to the erosion of the global trade order.<\/span><\/p>\nAREAS OF COOPERATION<\/span><\/h2>\n
PARTNERSHIPS \u201cEVER MORE VITAL\u201d<\/span><\/h2>\n