Singapore, US ink deal to implement new Partnership for Growth and Innovation

SINGAPORE and the United States have signed an agreement to implement the US-Singapore Partnership for Growth and Innovation, which looks to strengthen collaboration on trade and investment between the two countries.

The memorandum of understanding (MOU) was inked in Washington on Thursday by Singapore's Trade and Industry Minister Gan Kim Yong and US Commerce Secretary Gina Raimondo.

The Ministry of Trade and Industry said in a news release on Friday that 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.

For each of these pillars, they said the Partnership will also elevate discussions on standards and other cross-cutting policy issues.

"Through these engagements, the two governments are committed to delivering commercially meaningful outcomes on priority topics such as e-commerce, cybersecurity, clean energy and climate change solutions, medical technologies, and advanced manufacturing technologies," they said.

"Additionally, we plan to discuss immediate and long-term challenges that face both of our economies, including enhancing supply chain resilience. Stakeholders and governments from the broader South-east Asian region will be invited to participate in Partnership activities wherever possible."

Both Raimondo and Gan made the point that the expanded Partnership "signifies the US' and Singapore's shared commitment" to support their respective businesses and industries, and bring about inclusive growth in their economies and regions.

Gan is currently on a four-day official visit to the US, with Washington being his first stop. He will also head to New York to meet executives from Singapore companies with operations in the US, as part of a closed-door roundtable organised by Enterprise Singapore.