The leaders of Singapore and South Korea yesterday witnessed the exchange of six memorandums of understanding (MOUs) ranging from trade to small and medium-sized enterprises, as the two countries vowed to maintain peace and stability in the region.

South Korean President Moon Jae-in, who was on the second day of his three-day state visit to Singapore, said at a press conference with Prime Minister Lee Hsien Loong that the two leaders agreed to expand bilateral trade significantly and reaffirmed their commitment towards the Regional Comprehensive Economic Partnership (RCEP), an Asean-led trade pact.

PM Lee said he looked forward to substantially concluding the negotiations by the end of this year. Collectively, the 16 RCEP countries - Asean, as well as Australia, China, India, Japan, New Zealand and South Korea - account for about half the world's population as well as 30 per cent of the world's economy and trade.

PM Lee added that he hoped to enhance air connectivity with South Korea and see an increase in flight routes to cover other South Korean cities like Busan.

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