Republic of Korea
Singapore and the Republic of Korea (ROK) share strong bilateral ties, underpinned by robust trade and investment flows. Our economic partnership is anchored by the Korea-Singapore Free Trade Agreement (KSFTA), and further supported by the Korea-Singapore Digital Partnership Agreement (KSDPA), Green Economy Partnership Agreement (GEPA), Future of Investment and Trade (FIT) Partnership, ASEAN-Korea Free Trade Area (AKFTA) and the Regional Comprehensive Economic Partnership (RCEP).
Last updated on 12 November 2026
Singapore–South Korea Economic Relations
Prime Minister of Singapore Lawrence Wong (left) with South Korean President Lee Jae Myung.
Singapore's economic relationship with the Republic of Korea (ROK) is anchored by the Korea-Singapore Free Trade Agreement (KSFTA), which entered into force in 2006 and was the ROK’s first such agreement with an Asian country. Both sides have continued to strengthen cooperation on shared priorities through the Korea-Singapore Digital Partnership Agreement (KSDPA) and the Supply Chain Partnership Arrangement (SCPA), which entered into force in 2023 and 2024 respectively.
Singapore and the ROK also work closely through plurilateral platforms including the Digital Economy Partnership Agreement (DEPA), Regional Comprehensive Economic Partnership (RCEP), Asia-Pacific Economic Cooperation (APEC), the Association of Southeast Asian Nations-Korea Free Trade Area (AKFTA), the Indo-Pacific Economic Framework (IPEF), and the Association of Southeast Asian Nations (ASEAN) regional forum.
Bilateral Agreements involving the Republic of Korea
Korea – Singapore Free Trade Agreement (KSFTA)
The KSFTA which entered into force in 2006, enhances and safeguards market access, ensures a more predictable operating environment for service suppliers, and provides protection for Singapore investments in the Republic of Korea (ROK).
Korea – Singapore Digital Partnership Agreement (KSDPA)
The KSDPA which entered into force in 2023, enhances digital trade and cooperation between Singapore and the Republic of Korea (ROK) through trusted data flows and emerging tech collaborations.
Supply Chain Partnership Arrangement (SCPA)
Singapore and South Korea signed the Supply Chain Partnership Arrangement (SCPA) on October 8, 2024, to build resilience and boost rapid joint responses for critical economic sectors.
Plurilateral Agreements involving the Republic of Korea
Digital Economy Partnership Agreement (DEPA)
The DEPA is the world’s first-ever standalone digital trade agreement. It establishes new approaches and collaborations in digital trade issues, promotes interoperability between different regimes, and addresses emerging digital technology issues such as artificial intelligence (AI).
Regional Comprehensive Economic Partnership (RCEP)
The Regional Comprehensive Economic Partnership (RCEP) is the world’s largest FTA, comprising about 30% of global GDP and about a third of the world’s population. It broadens and deepens Singapore’s economic connectivity with the region, opens up opportunities and provides businesses with more coherent access to the region.
ASEAN-Korea Free Trade Area (AKFTA)
The AKFTA eliminates tariffs for and facilitates trade in goods, services, and investments within ASEAN and the Republic of Korea (ROK).
International Platforms involving the Republic of Korea
Indo-Pacific Economic Framework (IPEF)
The Indo-Pacific Economic Framework for Prosperity (IPEF) provides a platform for countries in the region to collaborate on advancing resilient, sustainable, and inclusive economic growth, and aims to contribute to cooperation, stability, and prosperity in the region.
Asia-Pacific Economic Cooperation (APEC)
The Asia-Pacific Economic Cooperation (APEC) forum comprises 21 Asia-Pacific economies. It was established in 1989 in response to the growing interdependence among Asia-Pacific economies and the advent of regional trade blocs in other parts of the world. Its primary purpose is to promote economic growth and prosperity in the Asia-Pacific region. Singapore was a founding member alongside 11 other economies.
Future of Investment and Trade (FIT) Partnership
The FIT Partnership is a grouping of 20 small and medium-sized, trade-dependent countries located across different regions and geographies that seeks to advocate for open, predictable, rules-based and fair trade, enhance investment flows, and facilitate collaborative solutions which are vital to their prosperity and growth.