US and Singapore ink trade memorandum



The United States has announced it had signed a memorandum of understanding to improve trade relations with Singapore, as both countries eye economic recoveries following the Covid-19 pandemic. The United States is already the largest foreign investor in Singapore, which is in turn the fourth-largest Asian investor in the American economy. In a statement, the US Commerce Department said the renewable, two-year memorandum would “enhance the availability of and access to trade financing options for US and Singapore companies.” “This (memorandum of understanding) will help Singapore importers finance the purchase of US exports and support Singapore investors looking at opportunities in the US,” Commerce Secretary Wilbur Ross said in the statement.—AFP