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.

In the previous two sessions of the Joint Study Group, extensive discussions were held on further liberalisation of trade and strengthening of economic relations between Korea and Singapore. During the two-day meeting of the third session, the participants of the Joint Study Group discussed the remaining issues and reviewed the draft joint report. The discussions reflected the mutual understanding by both sides that the Korea-Singapore FTA would bring about greater benefits to both Korea and Singapore and a closer relationship between the two countries. In this regard, the joint report would contain a recommendation on the launching of the FTA negotiations between Korea and Singapore at an early date with the aim to conclude the negotiations within a reasonably short period of time.

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 11, 2002, on the occasion of the WTO Ministerial Conference in Sydney.

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