SINGAPORE - Senator Nick Sherry, Minister for Superannuation and Corporate Law, today met with Singapore Minister for Finance, Mr Tharman Shanmugaratnam, and Singapore Minister for Law, Mr K. Shanmugam to discuss the state of the regional economy in the face of the global economic recession and the Australian-Singapore bilateral economic relationship.
Further issues discussed with both Ministers included the outcomes of the recent G-20 Leaders Meeting in London and the capacity for close and coordinated cooperation at the newly expanded Financial Stability Board, of which both Australia and Singapore are members.
"Singapore is Australia's fifth largest trading partner and is a long-standing and important economic partner."
"With the heightened importance of the Financial Stability Board, both countries recognise the importance of cooperating closely to pursue our common interest in strong global financial markets."
Minister Sherry also raised the Australian Government's desire to move forward - as a measure to signal both countries' confidence in regional capital markets and corporate legal regulation - with bilateral mutual recognition arrangements covering both managed/collective investment schemes and the disqualification of company directors.
"Australia has carved out a world-leading role in mutual recognition arrangements, with agreements now in place with the United States, China, Hong Kong and New Zealand."
"I would very much like to see Singapore join that list. That would send a clear message from both countries that we are open for business and that we have confidence in normalising global capital markets," said Minister Sherry.
Minister Sherry also held talks with Mr Liew Heng San, Chief Executive Officer of the Singapore Central Provident Fund, Singapore's national pension fund, addressed the Singapore Division of CPA Australia on economic, corporate law and superannuation developments in Australia and hosted a briefing dinner for the Australian industry, banking and legal community in Singapore.