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
-
30.11.2023
Jazan is Positioned to Develop Into a Hub for Trade with Africa
-
27.11.2023
Is the trial of Indonesia to ‘cover up’ the interest of poor foreign investors in project of Jokowi’s Nusantara capital?
-
23.11.2023
Global economy to slow down but likely avoid recession in 2024
-
23.11.2023
Shadow banks of Euro zone face risk related to margin calls, says ECB
-
20.11.2023
Start-ups are welcome to join DIFC’s FinTech World Cup
-
10.11.2023
Turkey Gets Surprise Inflation Reprieve Ahead Of More Rate Hikes
-
09.11.2023
China Slips Against Deflation As Recovery Stays To Be Fragile
-
27.10.2023
Mastercard Estimates Weaker Income Growth On Financial Slowdown Uncertainties
-
27.10.2023
The United States Decided To Retract Its Proposal Regarding Digital Trade At The World Trade Organization
-
17.10.2023
Mastercard and Bizom have joined forces to launch a comprehensive digital supply chain
Exchange Rates
- 09.12.2023
- Find out more