US Secretary of the Treasury meets with PM Lee in Singapore

US Secretary of the Treasury meets with PM Lee in Singapore
US Treasury Secretary Jack Lew.

SINGAPORE - Prime Minister Lee Hsien Loong met with United States Secretary of the Treasury Jacob Lew on Wednesday morning at the Istana. This is Secretary Lew's first visit to Singapore as US Treasury Secretary.

During the meeting, PM Lee and Secretary Lew exchanged views on international and regional developments, including the global economic and financial outlook, ASEAN's efforts to promote regional growth through greater economic integration, and the progress of the ongoing Trans-Pacific Partnership (TPP) negotiations.

The leaders also discussed ways to strengthen bilateral cooperation.

Secretary Lew also met with Minister for Finance Tharman Shanmugaratnam.

They discussed a broad range of issues such as the global economic outlook, IMF quota reforms, tax cooperation and the TPP negotiations.

DPM Tharman and Secretary Lew agreed that governance reforms of the IMF remained a priority to be completed with urgency, and noted that the ongoing negotiations between Singapore and the US to conclude a Foreign Account Tax Compliance Act (FATCA) Inter-Governmental Agreement are progressing smoothly.

On the TPP, both ministers reiterated their commitment to achieving a high-standard agreement that will facilitate more trade and investment, create jobs and promote economic development in the region.

Here is DPM's speech from the meeting on Wednesday:

Thank you for coming. Secretary Lew and I have had a good discussion, a very productive discussion. First, let me say that we're pleased that the US continues to build on its strategic engagement in Asia.

Secretary Lew's visit to Singapore testifies to America's continued active involvement in the region.

We covered several issues in our meeting. We discussed the US economic outlook, the global outlook and what's happening in Asia. We discussed some bilateral issues, in particular tax cooperation. We discussed the IMF governance reforms. And we discussed the TPP.

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