Singapore and the US come together to improve finance

2nd Minister for Finance Indranee Rajah and US Deputy Secretary of Treasury Justin Muzinich finalized the agreement in Washington, DC on Oct 16, 2019.

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

The framework was finalized 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 wider strategies between both countries, the agreement’s aim is to facilitate technical exchanges and data sharing to “support and catalyze capitals in infrastructure,” said MOF in the media release.

“Its execution will expand bilateral economic collaboration, aid the development of Southeast Asia’s infrastructure section, and promote private sector investment in infrastructure,” added the ministry.

The agreement will be executed 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 primary trading partner in services, and also Singapore’s biggest international direct investor by country.

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

The finalization 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.