Thailand
Singapore and US sign MOU on trade financing, investment cooperation
SINGAPORE and the United States of America have signed a memorandum of understanding (MOU) to deepen economic cooperation and extend trade financing and investment support to companies in both countries.
The renewable, two-year MOU will be overseen by the US Department of Commerce and Singapore’s Ministry of Trade and Industry (MTI), MTI said in a press statement on Wednesday.
“Recognising the significant global tightening of credit following the economic slowdown caused by the Covid-19 pandemic, the MOU aims to enhance the availability of and access to trade financing options for US and Singapore companies,” MTI said.
It added that the MOU will also facilitate bilateral trade in goods and services to enhance the respective regions’ growth opportunities.
In addition, the MOU seeks to strengthen cooperation on investment promotion and provide opportunities for both countries to explore the use of technology such as fintech to address new trade financing and investment challenges.
The MOU was signed by US Secretary of Commerce Wilbur Ross and Singapore’s Minister for Trade and Industry Chan Chun Sing.
“As like-minded partners, Singapore and the US are committed to supporting our businesses as they respond to the global economic disruptions caused by Covid-19,” Mr Chan said.
“We also look forward to catalysing greater trade and investment flows between the US, Singapore, and South-east Asia, and enabling our companies to continue trading and accessing opportunities in these challenging times.”
Said Mr Ross: “This MOU will help Singapore importers finance the purchase of US exports, and support Singapore investors looking at opportunities in the US.”
MTI said 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.”
Source: https://www.businesstimes.com.sg/government-economy/singapore-and-us-sign-mou-on-trade-financing-investment-cooperation