Singapore and the US have signed an agreement to implement the US-Singapore Partnership for Growth and Innovation in order to strengthen collaboration on trade and investment between the two countries, the Singaporean Ministry of Trade and Industry (MTI) said in a news release on October 8.
US Secretary of State Gina Raimondo (left) and Singapore's Trade and Industry Minister Gan Kim Yong at the signing ceremony. (Source: MTI)
The memorandum of understanding (MOU) was signed in Washington DC on October 7 by Singaporean Trade and Industry Minister Gan Kim Yong and US Commerce Secretary Gina Raimondo as part of the former’s four-day visit to the US.
According to the MTI, the partnership expands and elevates the work done under the US-Singapore Infrastructure Collaboration Platform MOU, which was launched in 2016 and renewed in 2018.
In a joint statement, Raimondo and Gan noted that the partnership will establish a vehicle for deepening economic integration between the US and South-east Asia, and build on the strong commercial ties between companies in the US and Singapore.
They said their two countries will convene activities for government and private sector leaders to promote commercial partnerships and exchanges on policy developments, starting with four pillar areas - digital economy, energy and environmental technologies, advanced manufacturing, and healthcare.
They also said they plan to discuss immediate and long-term challenges that face both economies, including enhancing supply chain resilience. Stakeholders and governments from the broader Southeast Asian region will be invited to participate in partnership activities wherever possible, they added./.