Economic and financial ties are critical components of the US-India partnership, according to Yellen.
This was stated by Janet Yellen in her opening remarks at the ninth meeting of the United States-India Economic and Financial Partnership.
The US is committed to strengthening our bilateral economic relationship with India and deepening our level of cooperation and collaboration, according to US Treasury Secretary Janet Yellen in her opening remarks at the Ninth US-India Economic and Financial Partnership Meeting on November 11, 2022.
"As the world's two largest democracies, these annual gatherings are an opportunity to deepen our two countries' economic bonds," she said, adding that collaboration in this forum can not only promote both economies' growth and stability, but can also help support economic prosperity across the Indo-Pacific region.
"We are currently facing global headwinds and divergent economic pressures." When Russia launched its brutal, unjustified invasion of Ukraine, the world economy was still recovering from the COVID-19 pandemic. This caused an unwelcome shock to fuel and food prices, exacerbating inflationary pressures," Ms. Yellen said in the presence of Finance Minister Nirmala Sitharaman.
"However, challenges like this help to strengthen existing partnerships like the one between the United States and India by demonstrating the importance of cooperation and clear and open communication." "Because of our strong trade, investment, and people-to-people ties, the bilateral economic and financial relationship is an important component of our partnership," she said.
The Treasury Secretary expressed eagerness to discuss shared priorities with India as it assumes the G20 presidency in the coming weeks, citing India's membership in the Indo-Pacific Economic Framework and efforts to make the two countries' supply chains more resilient through what she called "friend-shoring."
Ms. Yellen hoped that the mutual understanding 'we build will help us work together to advance our shared goals, including mitigating the existential risk of climate change, evolving multilateral institutions, and addressing the debt burden faced by many developing countries' during the meeting.
Union Finance Minister Nirmala Sitharaman stated that India will continue to rely on close US cooperation to address global economic challenges in a more coordinated manner and to strengthen multilateralism.
"India regards the United States as a trusted partner and values its relationship with it." "We have a traditionally strong bilateral relationship based on shared values and convergence of interests on a wide range of issues," the minister said at the India-US Economic and Financial Partnership meeting.
"The Quad and the Indo-Pacific Economic Framework have expanded our collaboration and serve as an important forum for stronger collaboration in developing sustainable economies, ensuring global health security, resilient supply chains, clean energy technologies, green infrastructure, and climate finance," she said.
"Our substantial, multifaceted cooperation through the economic and financial partnership forum remains a key cornerstone of our bilateral engagement," Ms. Sitharaman said, hoping that today's meeting will add rigour to the economic relationship, strengthen business-to-business links, and facilitate coordinated policy stances to address pressing global economic challenges.
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