U.S. Treasury Secretary Janet Yellen is back in India for the third time in nine months following a trip to Beijing, this time to speak to the Group of 20 nations’ finance ministers about global economic issues like the rising likelihood of debt defaults facing low-income countries.
Yellen stated to reporters on Sunday in Gandhinagar, the state capital of Gujarat in western India, that she was working to improve ties between the United States and India. In order to address issues with supply chain dependability, the transition to sustainable energy, and other issues with economic resilience, she also intended to stop in Hanoi, Vietnam.
Yellen said her priorities during her time in India were to lobby for debt restructuring in developing nations in economic difficulty, push to modernize global development institutions to make them more climate-focused, and expand the ever-growing U.S.-India connection.
Yellen’s regular travels in the country reflect the importance of that partnership at a time of concern with China. India’s long-standing relationship with Russia has also loomed as the Kremlin’s invasion of Ukraine continues despite the U.S. and other countries’ efforts to sanction and economically hammer Russia’s economy.
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US-India Global Economic Cooperation
India continues to trade in energy with Russia despite a price ceiling on Russian oil agreed to by the Group of Seven, which has had some success in hurting Russia’s economy. India has not participated in the measures to punish Russia. Ending the conflict in Ukraine “is first and foremost a moral necessity,” according to Yellen.
But it’s also the single best thing we can do for the world economy.” She added the U.S. would continue to cut off Russia’s access to the military equipment and technologies that it needs to conduct war against Ukraine. “One of our major aims this year is to resist Russia’s efforts to escape our sanctions.
Our alliance is strengthening the steps we’ve taken in recent months to thwart these initiatives, according to Yellen. She said the U.S. sees India as a vital partner in its friend-shoring plan for boosting the resilience of supply chains.She noted that private U.S. Enterprises see India as an attractive destination for creating goods and exporting to the United States.
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Source: NBC News
