FM Nirmala Sitharaman meets US Treasury Secretary Janet Yellen to debate ‘friend-shoring’ ties

Union Finance Minister Nirmala Sitharaman, on Friday, met US Treasury Secretary Janet Yellen forward of the ninth assembly of the India-US Financial Monetary Partnership, which is scheduled to be held in New Delhi immediately.

Yellen, in her opening remarks throughout a press convention, mentioned, “Whereas the world financial system was nonetheless recovering from the COVID-19 pandemic when Russia launched its brutal, unjustified invasion of Ukraine. This generated an unwelcome shock to gasoline and meals costs and enormously exacerbated inflation pressures. However challenges like this assist strengthen partnerships just like the one which exists between the US and India.”

“By demonstrating the need of cooperation and clear and open communication, our sturdy commerce, funding and people-to-people ties make the bilateral financial and monetary relationship or important aspect of that partnership. And India’s membership within the Indo-Pacific Financial framework and efforts to make our provide chains extra resilient by what I name ‘friend-shoring’ are tightening these ties,” added the US Treasury Secretary.

Yellen, additional added that trying forward, we’re additionally keen to debate our shared priorities as India assumes the presidency of the G20 within the coming weeks. She mentioned, “We additionally hope that the mutual understanding we construct will assist us work collectively to advance our shared targets, together with mitigating the existential threat of local weather change, evolving multilateral establishments, and addressing the debt burdens confronted by many growing international locations.”

Sitharaman welcomed US Treasury Secretary and mentioned, “India deeply values its relationship with the US as a trusted accomplice. We share a historically sturdy bilateral relationship underpinned with shared values, convergence of pursuits on wide-ranging points and vibrant people-to-people contacts.”

“Our sturdy ties are bolstered by important and frequent interactions between honourable Prime Minister of India and the President of the US and the dedication of each the leaders in the direction of consolidating our strategic partnership,” she added.

Sitharaman mentioned that the quad and the Indo-Pacific financial framework have additional expanded our cooperation. She added, “They function an necessary discussion board for stronger collaboration in growing sustainable economies, guaranteeing international well being safety, resilient provide chains, clear vitality applied sciences, inexperienced infrastructure and local weather finance are substantial and multifaceted cooperation by the financial and Monetary Partnership Discussion board stays a key cornerstone of our bilateral engagement.”

“Our assembly immediately will lend higher vigour to our financial relationship, strengthen business-to-business hyperlinks, and facilitate coordinated coverage stunts to handle the urgent international financial challenges. The ninth assembly of the EEFP can be being held in opposition to the backdrop of India making ready to imagine the G20 Presidency,” mentioned the Union Finance Minister.

Sitharaman additionally knowledgeable that Narendra Modi, Prime Minister of India, unveiled the brand and the theme of a Presidency on November 8, which displays the theme of G20 India 2023 ‘Vasudeva Kutumbam’ ‘One Earth, One household, One future.’