Korea-Singapore FTA Joint Study Group
JOINT PRESS STATEMENT


 

October 7, 2003



1.      The Joint Study Group (JSG) on the Korea-Singapore Free Trade Agreement (KSFTA) completed its 
work and submitted its report to the Heads of State of the Republic of Korea and the Republic of Singapore, 
on October 7, 2003. 

2.      Korea and Singapore had agreed to launch a Joint Study Group at the meeting of the Trade Ministers of 
the two countries, which was held on November 14, 2002, on the occasion of the WTO Ministerial Conference 
in Sydney. The JSG, comprising representatives from government, business and academia, held three 
meetings from March to September 2003 to examine the feasibility and desirability of establishing an FTA 
between the two countries. The JSG also discussed the scope of the proposed KSFTA as well as key issues 
to be dealt with in the future FTA negotiations. 

3.     Ambassador K. Kesavapany, Director of the Institute of Southeast Asian Studies, and Mr. Ahn Ho-young, 
Director-General of the Multilateral Trade Bureau of the Ministry of Foreign Affairs and Trade, led the 
delegations of Singapore and Korea, respectively.

4.     After six months of careful study and active consultations, the JSG concluded that the KSFTA would bring 
about mutual benefits to both countries by providing greater and newer opportunities and larger economy of 
scale for Korean and Singapore businesses.  The JSG also expressed its view that the KSFTA would help to 
develop both countries’ competitiveness and to exploit emerging opportunities in the region and the 
international market, by strengthening Korea's economic engagement in Southeast Asia and Singapore's 
engagement in Northeast Asia.  Furthermore, the JSG also concluded that the KSFTA would have a positive 
impact on other economies in East Asia, and help promote further trade liberalization and economic 
integration in the region. 

5.    In order to achieve such benefits through the KSFTA, the report recommended that the scope of the 
KSFTA should include:

a. comprehensive liberalization and facilitation of economic relations between Korea and Singapore, which 
would include trade in goods and services, investment, government procurement, and intellectual property 
rights;

b. comprehensive range of economic cooperation elements covering an array of areas including financial 
services, information and communication technology, human resources development, trade and investment 
promotion and broadcasting; and

c. consultation and dispute settlement mechanisms on issues arising from the interpretation and application 
of the KSFTA.

6.    In view of these findings, the JSG recommended that both countries enter into formal FTA negotiations at 
an early date, using the JSG report as a framework, and aim at concluding the KSFTA negotiations and 
signing the relevant agreements within a reasonably short period of time.

attached files:

1) Joint Study Group Report

2) Joint Press Statement