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.
Related Read: Trade Finance Industry To Consider DLT Adoption Amid COVID-19
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”.
Other news
-
31.05.2023
DP World and Standard Bank Partner to Expand Trade Finance in Africa
-
15.05.2023
G7 Leaders To Tighten Russian Sanctions on Trade & Energy
-
11.05.2023
BRICS New Currency To Challenge US Dollar Dominance In International Trade
-
08.05.2023
China’s Trade Fair Struggles To Draw Buyers As Slow Global Economy Growth
-
05.05.2023
BNP Paribas Joins Hands with Bank of China to Promote e-CNY
-
03.05.2023
UNCTAD to Host Third United Nations Trade Forum 2023
-
27.04.2023
China To Host Beijing Summit To Promote Global Trade, Investment
-
25.04.2023
South Korea Adds Back Japan To Its 'White List' On Trade
-
20.04.2023
Standard Chartered Signed a $700m Deal with IFC To Aid Global Trade Finance
-
17.04.2023
133rd China Import and Export Fair Took Place
Exchange Rates
- 01.06.2023
- Find out more