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HomeBusinessFinanceTreasury Secretary Yellen to visit India to deepen US-India economic ties

Treasury Secretary Yellen to visit India to deepen US-India economic ties


US Secretary of the Treasury will visit India to participate in the US-India Economic and Financial Partnership on November 11 and discuss how the two countries can work together to deepen their economic ties, according to an official announcement here on Friday.

In New Delhi, Yellen will highlight the strength of America’s partnership with India, which continues to deepen, the Treasury said in a statement.

Yellen will meet with technology sector leaders and visit the Microsoft India Development Centre, where she will deliver remarks on the United States’ economic partnership with India, it said.

She would also hold a bilateral meeting with Union Finance Minister Nirmala Sitharaman.

Following the US-India Economic and Financial Partnership (EFP) dialogue, Yellen will join Sitharaman for a fireside discussion with executives from major Indian companies and American companies operating in India.

To conclude the day, Yellen and Sitharaman will sign a joint statement on the EFP dialogue.

Yellen will highlight the close ties between American and Indian people and businesses, and note ways we can further our bilateral economic relationship, including through the Indo-Pacific Economic Framework and stronger supply chains through friend-shoring, it said.

She will reaffirm America’s and India’s shared democratic values and commitment to upholding a rules-based international order as the world’s largest democracies, it said.

Yellen will also welcome India’s assumption of the G20 presidency next month and discuss opportunities to make progress on global challenges through global climate action, evolving the multilateral development banks (MDBs), further strengthening global health architecture, and advancing debt relief for low-income countries and emerging markets, the Treasury said.

Yellen will be travelling to Bali from New Delhi to represent the US at the G20 Joint Finance and Health Ministers’ Meeting on November 12 and accompany President Joe Biden at the G20 Leaders’ Summit on November 15 and 16.

In Indonesia, Yellen will also participate in other events and bilateral meetings, including with Italian Minister of Economy and Finance Giancarlo Giorgetti.

Throughout these events and meetings, she will join Biden in rallying the global coalition to hold Russia accountable for its brutal war in Ukraine and to support the people of Ukraine.

Yellen will also help lead the global response to macroeconomic challenges, including economic disruptions and elevated global inflation from the COVID-19 pandemic and Russia’s illegal war against Ukraine, which are particularly harmful to low- and middle-income countries, the Treasury said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


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