On his state visit to Singapore, President Lee Jae-myung and Prime Minister Lawrence Wong convened a summit where they reached an agreement to initiate negotiations aimed at improving the Korea-Singapore Free Trade Agreement (FTA). This decision, formalized in a joint declaration, focuses on enhancing economic ties, bolstering economic security collaboration, and strengthening strategic investment cooperation between the two nations. President Lee emphasized the importance of guiding regional free trade and committed to advancing mutual investments strategically, underpinned by a memorandum of understanding (MOU) between Korea’s Industrial Bank and Singapore's Temasek fund.

The two leaders agreed to refine the FTA in four key areas: supply chains, green economy, trade facilitation, and maintenance, repair, and operations (MRO). This marks a significant update to the trade agreement originally established in March 2006, aiming to adapt to the evolving trade environment. Additionally, Lee and Wong signed five MOUs to enhance cooperation in artificial intelligence (AI) and energy security, underscoring the intent to deepen AI collaboration through a new framework that promotes joint investment and research aimed at practical applications of AI in various industries.

Furthermore, the discussions included plans to enhance cooperation in the realm of small modular reactors (SMRs), with a focus on joint development of SMR business models, workforce training, and the exchange of technological information. The partnership also aims to facilitate collaboration in scientific technology, including sharing data from environmental satellites and advancements in quantum and satellite technologies. President Lee reminded attendees of Singapore's historical significance as the host of the 2018 North Korea-U.S. summit, highlighting the importance of dialogue in international relations.