By Elishya Perera
SINGAPORE (CWBN)_Singapore has signed a memorandum of understanding (MoU) with the United States, in a bid to bolster economic cooperation and to extend trade financing and investment.
The MoU was signed by US Secretary of Commerce Wilbur Ross and Singapore’s Minister for Trade and Industry Chan Chun Sing.
“As likeminded partners, Singapore and the U.S. are committed to supporting our businesses as they respond to the global economic disruptions caused by COVID-19,” Chan said. He noted that the agreement would facilitate company investment into both countries, and will enable businesses to access larger trade financing facilities.
According to a statement issued by Singapore’s Ministry of Trade and Industry, the MoU would also would enhance growth opportunities within the Asian and North American regions, by facilitating bilateral trade in goods and services. It also seeks to strengthen cooperation between the two countries to explore the use of technology and innovation in order to address new challenges in trade financing and investment, the statement noted.
The Ministry said that the renewable, two-year MoU is “the latest tangible result of the robust economic and investment partnership” between Singapore and the United States. It noted that the US was Singapore’s largest foreign investor in 2019, while Singapore was the fourth largest Asian investor in the US last year.
“Both countries are committed to working together towards a stronger post-COVID-19 economic recovery. Our continued partnership will help to facilitate bilateral trade and investments and ensure that our companies are well-positioned to tap into growth opportunities in our respective markets and regions,” the statement concluded.
