Singapore and the United States are both committed to having a "high standard" Trans-Pacific Partnership regional trade agreement, said Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam on Wednesday.

He said both countries want to achieve an agreement that will "ultimately boost trade, boost investment and boost job creation in all our countries".

He was speaking to the media after a meeting here with US Treasury Secretary Jacob J. Lew on Wednesday morning.

Mr Tharman said he and Secretary Lew had a good exchange on issues relating to financial services and investment, and they intend to raise standards of investor protection for businesses and strengthen the financial services sector.

Other topics discussed at the meeting included US economic outlook, global outlook, and IMF governance reforms. Bilateral issues such as tax cooperation were also touched on.

Mr Tharman said Secretary Lew assured him about the importance the US places on getting a clear resolution for its current budget and debt impasses.

"Resolving this problem is important not just to the United States, but for the global economy, for sustaining the global recovery," said Mr. Tharman.