28 January 2021
On 16 December 2020, the Ministry of Trade and Industry (“MTI”) announced that Singapore and the USA have signed a Memorandum of Understanding (“MOU”) to deepen economic cooperation and extend trade financing and investment support to companies in both countries.
In light of the significant global tightening of credit following the economic slowdown caused by the Covid-19 pandemic, the MOU seeks to enhance the availability of and access to trade financing options for US and Singapore companies. The MOU will also facilitate bilateral trade in goods and services to enhance the growth opportunities of the respective regions, and catalyse greater trade and investment flows between the US, Singapore, and South-east Asia. It will also strengthen cooperation on investment promotion and provide opportunities for both countries to explore the use of technology to address new trade financing and investment challenges.
MTI states that the continued partnership between Singapore and the US will help to facilitate bilateral trade and investments and ensure that Singapore companies are well-positioned to tap into growth opportunities in their respective markets and regions.