President Trump touted the trade relationship between the U.S. and Singapore on Monday, thanking Singapore Prime Minister Lee Hsien Loong for his dedication to "reciprocal" economic ties.

"Singapore's strong commitment to the rule of law, to international property protections, and to the principles of fair and reciprocal — one of my favorite words when it comes to trade — has made the country a magnet for business," Trump said Monday during a joint appearance with the prime minister in the Rose Garden.

"Singapore is one of our closest strategic partners in Asia," Trump said. "The U.S. is proud of the deep and enduring partnership we have built."

Both Trump and Lee touted a deal, announced earlier this year, between Singapore Airlines and Boeing that will be worth billions of dollars. The two observed a contract signing earlier Monday.

The president also highlighted the security relationship between the U.S. and Singapore and the challenges posed by an increasingly aggressive North Korea.

"Throughout Southeast Asia, the United States and Singapore are currently working to enhance the capacity of law enforcement, fight terrorism, and bolster cyber defenses," Trump said. "Our two nations share an unwavering commitment to countering the North Korean threat and promoting freedom of navigation on the South China Sea."

Trump will embark next week on a five-country tour of Asia that will exclude Singapore. He is expected to focus heavily on North Korea's rapid nuclearization and trade practices in the region.