Singapore, Japan sign MOUs

Singapore, Japan sign MOUs

Singapore and Japan signed two deals Friday agreeing to study ways their nations can jointly explore business opportunities in India, China and Southeast Asia.

The memoranda of understanding, or MOUs, were signed in Singapore by officials from the Japan External Trade Organization and Singapore' Productivity and Standards Board and the Trade Development Board.

The MOUs are "components of the comprehensive free trade agreement that Singapore and Japan reached just two weeks ago," said John Chen, a senior Singaporean trade official.

The free trade agreement - which will be the first ever for Japan - is expected to be signed by the end of the year.

Chen said both Japan and Singapore had interests in investing throughout the region and would use their close ties to work together.

Chen said about 27 percent, or 1,600, of the 6,000 multinational companies in Singapore were Japanese.

Under the MOUs, business "missions" will research investment and business opportunities in third countries for Japanese and Singaporean companies to tap. -- AP