U.S.
Secretary of Commerce Wilbur Ross and Singapore Minister for Trade and
Industry
Chan Chun Sing Sign Memorandum of Understanding on
Trade Financing and Investment Cooperation
WASHINGTON – The United States of America (U.S.)
and Singapore have signed a Memorandum of Understanding (MOU) to deepen
economic cooperation and extend trade financing and investment support to
companies in Singapore and the U.S. The MOU was signed by U.S. Secretary of
Commerce Wilbur Ross and Singapore Minister for Trade and Industry Chan Chun
Sing.
“The
U.S. and Singapore have enjoyed more than fifty years of official partnership
since we established diplomatic ties in 1966,” said Secretary Ross. “This MOU
will help Singapore importers finance the purchase of U.S. exports and support
Singapore investors looking at opportunities in the U.S.”
Singapore’s
Minister for Trade and Industry Chan Chun Sing said, “As like-minded partners,
Singapore and the U.S. are committed to supporting our businesses as they
respond to the global economic disruptions caused by COVID-19. Through this
MOU, we will facilitate company investments into Singapore and the U.S., and
help businesses access more trade financing facilities. We also look forward to
catalysing greater trade and investment flows between the U.S., Singapore, and
Southeast Asia, and enabling our companies to continue trading and accessing
opportunities in these challenging times.”
The
U.S. and Singapore are like-minded and longstanding partners with a strong
record of economic cooperation. 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 U.S. and Singapore companies. The MOU will also facilitate bilateral trade
in goods and services to enhance our 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
(e.g. FinTech) to address new trade financing and investment challenges.
The
renewable, two-year MOU will be overseen by the U.S. Department of Commerce and
Singapore’s Ministry of Trade and Industry. The MOU will also be supported by
implementing agencies, including the Export-Import Bank of the U.S., the U.S.
Commercial Service in Singapore, and Enterprise Singapore.
fourth-largest Asian investor in the U.S. in 2019. 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.
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