The United States is committed to strengthening bilateral economic relationship with India and deepening level of cooperation and collaboration, said Secretary of the Treasury Janet L. Yellen at the ninth U.S.-India Economic and Financial Partnership meeting.
Yellen thanked Minister of Finance and Corporate Affairs Nirmala Sitharaman for hosting the delegation for the ninth EFP.
Members of Federal Reserve of US and the Reserve Bank of India came together at the convention.
“As the world’s two largest democracies, these annual gatherings are an opportunity to deepen the economic bonds between our two countries,” Yellen said.
Yellen spoke about how global challenges has brought US and India close. “Today, we face global headwinds and divergent economic pressures. The world economy was still recovering from the COVID-19 pandemic when Russia launched its brutal, unjustified invasion of Ukraine. This generated an unwelcome shock to fuel and food prices and greatly exacerbated inflation pressures. But challenges like this help strengthen partnerships like the one that exists between the U.S. and India by demonstrating the necessity of cooperation and clear and open communication,” she said.
India’s membership in the Indo-Pacific Economic Framework and efforts to make the US supply chains more resilient through what Yellen called “friend-shoring” are tightening those ties.
She said that India-US collaboration in this forum can not only promote each of our economies’ growth and stability, but also can be instrumental in supporting economic prosperity across the Indo -Pacific region.
She said the US was eager to discuss shared priorities as India assumes the presidency of the G20 in the coming weeks. “We also hope 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,” Yellen added.