Finance
On the first day of her visit to Washington, DC, Finance Minister Nirmala Sitharaman met with her American counterpart, Treasury Secretary Janet Yellen, and discussed global macroeconomic conditions, India’s G20 presidency, supply chains, clean energy, and ways to deepen bilateral economic cooperation.
Yellen stated that the India-US partnership is “critical” to addressing the world’s most pressing economic challenges. She stated that recent global shocks had caused food and energy crises in both countries, praised India’s participation in the Indo-Pacific Economic Framework (IPEF), and expressed American support for India’s G20 presidency.
Sitharaman is in Washington, DC for the International Monetary Fund and World Bank annual meetings. She also has a number of bilateral engagements planned, particularly in with G20 finance ministers. Her first official bilateral engagement was with Yellen.
In a tweet after the meeting, the ministry of finance said, “The two leaders discussed current global #Macroeconomic situation among other issues of mutual interest. The two Ministers also discussed various issues of significance with a view towards India’s upcoming #G20 Presidency.”
In her opening remarks, Yellen said that the India-US partnership was not only vital to their core economic interests, but also demonstrated to citizens and the world that democracies deliver. “It illustrates the close bonds between our two countries, from the Quad partnership to our strong bilateral economic relationship, and the cultural ties from the Indian diaspora in the US.”
Yellen said that both India and the US faced headwinds from COVID-19 and Russia’s “unjust” war against Ukraine. “Those global shocks have raised energy and food prices in both of our countries, and they’ve underscored the importance of the efforts both of our countries are undertaking to make our economies more resilient,” Secretary Yellen said.
The US Secretary of State stated that she was looking forward to discussing how both countries would strengthen supply chains and invest in clean energy, as well as steps that America is taking to keep global oil markets well-supplied in the short term.
“That is particularly important given how high energy costs have affected consumers in both of our countries – and in emerging markets globally,” she said.
“India’s assumption of the G20 presidency in December is also an opportunity for more concerted global cooperation. I look forward to discussing India’s priorities for their host year and how the United States can best support you as you take on this important role,” the US Secretary said according to the statement.
The US Treasury Secretary went on to say that the US is pleased that India has decided to join the Indo-Pacific Economic Framework. According to the statement, the Framework will “deepen our economic bonds, strengthen our supply chains to avoid costly disruptions, and help develop the guiding standards and rules for technological innovation in the years and decades ahead.”
Sitharaman is in the United States on official business. During her visit, she will attend the International Monetary Fund (IMF) and World Bank Annual Meetings, as well as the G20 Finance Ministers and Central Bank Governor (FMCBG) Meetings.
Aside from her meeting with Yellen, the finance minister will attend bilateral meetings with several countries, including Japan and South Korea, Iran, Saudi Arabia, Australia, New Zealand and Germany.,
Before meeting Yellen, Sitharaman discussed global economic and development issues with leading scholars at a Washington-based think tank. She delivered a speech titled “India’s Economic Prospects and Role in the World Economy.”
This high-level visit to the United States, as well as a series of meetings with ministers from the world’s top economies, comes ahead of India’s G20 presidency next year.
During her meeting with the Washington-based think tank, Sitharaman emphasized the G20’s unique role on the global stage.
“G20 has a great potential to work towards global good and global when I say public good, will also have to be made far more strengthened,” the minister said.
She said there are some of the areas in which India wants the G20 to work together. “We love to work together with them and get some good outcomes,” she added.
Source:BS
