Trade Minister Gan Kim Yong on four-day US visit to reaffirm countries' robust economic ties

(From left) Chile’s Vice-Minister for Trade Rodrigo Yanez, Singapore’s Minister for Trade and Industry Gan Kim Yong, New Zealand’s Minister of Trade and Export Growth Damien O’Connor and South Korea’s Minister for Trade Yeo Han-koo meeting in Paris on Oct 5, 2021. PHOTO: MINISTRY OF TRADE AND INDUSTRY

SINGAPORE - Trade and Industry Minister Gan Kim Yong is in Washington and New York as part of a four-day official visit to the United States starting on Wednesday (Oct 6).

The visit, which will end on Saturday (Oct 9), reaffirms Singapore's longstanding and robust economic relations with the US, said a statement from the Ministry of Trade and Industry (MTI) on Wednesday.

Mr Gan will meet key officials from the US administration, including Commerce Secretary Gina Raimondo and US Trade Representative Katherine Tai, in Washington.

"They are expected to exchange views on opportunities to continue strengthening bilateral collaborations and promoting greater trade and investment flows through new and existing partnerships," the MTI statement said.

The minister will also be meeting US and Singapore businesses.

In Washington, he will engage the US business community in events organised by the US Chamber of Commerce and the US-Asean Business Council.

In New York, Mr Gan will meet Singapore companies with operations in the US as part of a closed-door roundtable organised by Enterprise Singapore, the statement said.

"Singapore and the US share longstanding and strong economic ties," MTI said, adding that the US is Singapore's top trading partner in services, the third-largest trading partner in goods and the largest foreign direct investor, with investment stock worth S$428 billion in 2019.

Singapore, in turn, is the US' largest trade partner in Asean and its second-largest Asian investor.

The US-Singapore Free Trade Agreement (USSFTA) was the United States' first FTA with a country in Asia, "and underpins our excellent and growing bilateral economic relations", MTI said.

"Since the agreement's entry into force on 1 January 2004, bilateral trade in goods has more than doubled.

"The USSFTA continues to be a high-performing agreement that supports our trade and investment links and brings benefits to our countries," the statement said.

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