South Korea and Singapore have agreed to wrap up negotiations on a bilateral free trade accord.

The agreement came at a meeting between President Roh Moo-hyun and visiting Singaporean Deputy Prime Minister Lee Hsien Loong at the presidential office of Cheong Wa Dae Wednesday.

The two leaders also discussed ways to boost bilateral economic cooperation and exchanged opinions on the economic situation in East Asia.

Roh asked for more active investments from Singapore in South Korea, especially in its leisure industry, citing South Koreans' favorable sentiment toward the city state.

Lee, in turn, emphasized the importance of economic cooperation among economies in the Asian region, saying that changes in China will provide great opportunities to South Korea as well as Singapore.