US Treasury Secy Janet Yellen visits India to shore up US-Indo-Pacific Partnerships
US Treasury Secretary Janet Yellen on Friday described the timing of her visit to India as “a pivotal moment for the global economy” when the world is dealing with lingering effects of the COVID-19 pandemic and spillovers from Russian President Vladimir Putin’s “barbaric war” in Ukraine.
She said that Prime Minister Narendra Modi was correct when he said that this “is not an era of war”.
“I believe that ending Russia’s war is a moral imperative. It is also the single best thing we can do to help the global economy. This is a view broadly shared among policymakers of the world’s major economies,” Yellen emphasized.
Quoting US President Joe Biden, Yellen said that India is one of America’s indispensable partners.
Yellen said, “The United States is pursuing an approach called “friend-shoring” to diversify away from countries that present geopolitical and security risks to the supply chain. “To do so, we are proactively deepening economic integration with trusted trading partners like India.”
Speaking on New Delhi-Washington ties, the Treasury Secretary said: “The trajectory of the global economy will be shaped by the work that India and the US undertake together. The same is true for the prosperity and security of the Indo-Pacific. As a leading developing country and the world’s largest economy, we have a great opportunity and great responsibility to make progress on the world’s most intractable problems. In fact, I think that our continued partnership is an example of how advanced and developing countries can bridge policy differences and move forward on major policy objectives.”
Yellen will discuss the U.S. partnership with India establishing an economic framework in the Indo-Pacific “to increase economic integration with trusted trading partners and mitigate geopolitical risks,” the U.S. Treasury Department said. Also on the agenda are India’s G-20 Presidency in 2023, climate change, Russia’s war in Ukraine, and the ongoing economic impact of the COVID-19 pandemic.
[With Inputs from IANS]
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