An official website of the United States government

October 18, 2022

Deputy Secretary of the Treasury Wally Adeyemo to Travel to Thailand and Singapore



OCTOBER 18, 2022

WASHINGTON — Deputy Secretary of the Treasury Wally Adeyemo will travel to Bangkok, Thailand, where he will represent the United States in the Asia-Pacific Economic Cooperation (APEC) Finance Ministers’ Meeting on Wednesday, October 19 and Thursday, October 20. The Deputy Secretary will participate in official events and bilateral meetings, including with Thailand Minister of Finance Arkhom Termpittayapaisith, on the margins of the APEC Ministerial.

Deputy Secretary Adeyemo will then travel to Singapore for meetings with government counterparts, including Singapore Deputy Prime Minister and Minister for Finance Lawrence Wong, Singapore Minister for Trade and Industry Gan Kim Yong, and Managing Director of the Monetary Authority of Singapore Ravi Menon on Friday, October 21. The Deputy Secretary will also meet with business leaders from the financial services, shipping, and petroleum industries.

Throughout his trip, Deputy Secretary Adeyemo will reaffirm the United States’ commitment to the Asia-Pacific region. He will advance the Biden-Harris Administration’s engagement in the region, including through APEC, the Indo-Pacific Economic Framework (IPEF), the Partnership for Global Infrastructure and Investment (PGII), and continued friend-shoring with trusted trading partners. Building on his and Secretary Yellen’s work during the IMF-World Bank Annual Meetings, Deputy Secretary Adeyemo will continue coordination and communication on individual and collective responses to global economic headwinds caused by challenges including COVID-19 and Putin’s illegal war in Ukraine. While the U.S. economy remains resilient in the face of these headwinds, the Deputy Secretary will work with partners to increase resilience in their economies.

The Deputy Secretary will also discuss the historic sanctions and export controls placed on Russia by a global coalition of more than 30 countries in response to Russia’s unjust war on Ukraine. During meetings with government and business counterparts, the Deputy Secretary will explain how the price cap will help keep low-priced Russian oil flowing onto global markets to put downward pressure on energy prices, primarily benefitting emerging markets, while also cutting into Putin’s primary source of revenue. He will also build on America’s largest-ever investment in fighting climate change—through the Inflation Reduction Act and Bipartisan Infrastructure Law—to spur global action through robust individual country actions, Just Energy Transition Partnerships (JETPs), and expanded access to climate finance.