The Republic of Korea (RoK) and Singapore have agreed to implement a bilateral free trade agreement (FTA) between the two countries as from March 2, local sources said.

Within the framework of the accord, the RoK will remove tariffs on 91.6 percent of 10,315 items from Singapore in the next 10 years. In return, Singapore will scrap tariffs on all the RoK's trade items once the deal becomes effective.

Additionally, Singapore agreed to grant preferential tariff to those products that are made at the Kaesong Industrial Complex in the Democratic People's Republic of Korea (DPRK) in the future.

Besides, Singapore, the RoK has signed free trade deals with Chile and the European Free Trade Association comprising Iceland, Liechtenstein, Norway, and Switzerland.