Singapore And The US Signs Trade Finance Deal
To boost economic cooperation and to grow trade finance, a memorandum of understanding (MoU) is inked by Singapore and the US On Wednesday.
The MoU is additionally supposed to facilitate investment support for the organizations in the two nations.
The respective MoU is renewable for two years and will be administered by the Department of Commerce of the US and the Ministry of Trade and Industry (MTI) of Singapore.
As per the MIT on Wednesday, “Due to 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 both US and Singapore companies”.
The deal by Singapore and the US will also help bilateral trade to boost their possibilities in trading goods and services for each area.
The US Commerce Minister Wilbur Ross and Singaporean Trade and Industry Minister Chan Chun Sing have also signed the MoU.
Chan explained, “As like-minded and longtime partners, Singapore and the US are committed to support our business in responding to the global economic disruption caused by COVID-19”.
As per Ross, the Singaporean importers will be benefited from the MoU through providing funds to US export purchases as well as it could also help Singaporean investors to expand possibilities in the US.
MIT said that the two nations were supposed to operate together for an improved COVID-19 economic recovery.
As per the ministry, “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”.