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

Union Finance Minister Nirmala Sitharaman, on Friday, met US Treasury Secretary Janet Yellen ahead of the 9th meeting of the India-US Economic Financial Partnership, which is scheduled to be held in New Delhi today.

Yellen, in her opening remarks during a press conference, said, “While 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 US and India.”

“By demonstrating the necessity of cooperation and clear and open communication, our strong trade, investment and people-to-people ties make the bilateral economic and financial relationship or critical element of that partnership. And India's membership in the Indo-Pacific Economic framework and efforts to make our supply chains more resilient through what I call ‘friend-shoring’ are tightening those ties,” added the US Treasury Secretary.

Yellen, further added that looking ahead, we're also eager to discuss our shared priorities as India assumes the presidency of the G20 in the coming weeks. She said, “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 burdens faced by many developing countries.”

Sitharaman welcomed US Treasury Secretary and said, “India deeply values its relationship with the United States as a trusted partner. We share a traditionally strong bilateral relationship underpinned with shared values, convergence of interests on wide-ranging issues and vibrant people-to-people contacts.”

“Our strong ties are reinforced through significant and frequent interactions between honourable Prime Minister of India and the President of the United States and the commitment of both the leaders towards consolidating our strategic partnership,” she added.

Sitharaman said that the quad and the Indo-Pacific economic framework have further expanded our cooperation. She added, “They 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 are substantial and multifaceted cooperation through the economic and Financial Partnership Forum remains a key cornerstone of our bilateral engagement.”

“Our meeting today will lend greater vigour to our economic relationship, strengthen business-to-business links, and facilitate coordinated policy stunts to address the pressing global economic challenges. The ninth meeting of the EEFP is also being held against the backdrop of India preparing to assume the G20 Presidency,” said the Union Finance Minister.

Sitharaman also informed that Narendra Modi, Prime Minister of India, unveiled the logo and the theme of a Presidency on November 8, which reflects the theme of G20 India 2023 ‘Vasudeva Kutumbam’ ‘One Earth, One family, One future.’