WASHINGTON, D.C. – The United States Chamber of Commerce today signed a memorandum of understanding with the Singapore Business Federation to promote trade and investment between the U.S. and Singapore.
“This is an important milestone in U.S.-Singapore relations,” said Myron Brilliant, U.S. Chamber vice president for Asia. “The MOU signifies a commitment between American and Singaporean business leaders to develop new markets and opportunities for U.S. companies in Singapore and elsewhere in Asia.”
The Memorandum of Understanding follows the recent signing of the U.S.-Singapore Free Trade Agreement by President George W. Bush and Prime Minister Goh Chok Tong last month. Besides removing barriers to trade and investment between the U.S. and Singapore, this is the first free trade agreement the U.S. has signed with any country in Asia and will serve as a model for other trade agreements in the region.
Trade between the U.S. and Singapore totaled $33 billion last year, making Singapore the 11th largest U.S. trading partner worldwide.
“We are pleased to be a partner with the Singapore Business Federation to explore areas of mutual commercial interest for our members,” Brilliant said. “Our companies will finally be able to take full advantage of the new business opportunities that exist – a promising prospect for the global economy. ”
The MOU will be signed by Myron Brilliant, Chamber vice president for Asia, and Stephen Lee, SBF’s Chairman, in conjunction with the Singapore-U.S. Business Council plenary meeting in New York. Dr. Tony Tan, Singapore’s Deputy Prime Minister and Chairman of the business council will be present at the singing.
The U.S. Chamber of Commerce is the world’s largest business federation representing more than three million businesses and organizations of every size, sector and region.
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