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Singapore, US sign agreement to boost cooperation in finance, market building

Singapore, US sign agreement to boost cooperation in finance, market building

Second Minister for Finance Indranee Rajah and US Deputy Secretary of Treasury Justin Muzinich signed the agreement in Washington, DC on Oct 16, 2019. (Photo: Ministry of Finance)

SINGAPORE: Singapore and the United States have signed an agreement to boost cooperation in infrastructure finance and market building, said the Ministry of Finance (MOF) on Thursday (Oct 17). 

The framework was signed in Washington DC by Singapore's Minister in the Prime Minister's Office and Second Minister for Finance Indranee Rajah and US Deputy Secretary of Treasury Justin Muzinich. 

Building on broader initiatives between both countries, the agreement aims to facilitate technical exchanges and information sharing to "support and catalyse investments in infrastructure", said MOF in the media release. 

"Its implementation will expand bilateral economic cooperation, support the development of Southeast Asia’s infrastructure sector, and promote private sector investment in infrastructure," added the ministry.  

The agreement will be implemented by MOF, Singapore's Ministry of Trade and Industry (MTI), the Monetary Authority of Singapore (MAS), as well as other relevant Singapore agencies. 

The US is Singapore's third-largest trading partner in goods and top trading partner in services, and also Singapore's largest foreign direct investor by country. 

Singapore is US' largest goods and services trading partner in Southeast Asia, as well as its fourth-largest Asian investor. 

The signing of the agreement took place at the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting and the 2019 Annual Meetings of the International Monetary Fund and the World Bank Group.

Source: CNA/ad(mn)

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