World News | Work closely with India during G20 chair on global economic issues: US Treasury

washington [US]BEIJING, June 14 (Xinhua) — U.S. Treasury Secretary Janet Yellen said on Tuesday (local time) that the U.S. has worked closely with India on global economic issues during its presidency of the G20. She said the “close cooperation” between India and the United States demonstrated how “advanced and emerging economies” can bridge political differences and make progress on shared policy goals.

Speaking at the USIndia Business Council’s India Ideas Summit on Tuesday, Janet Yellen said: “We have worked closely together on global economic issues during India’s G20 presidency. I believe our close cooperation is showing the world that advanced economies and How emerging economies can bridge policy differences and make progress on our shared policy goals. When India and the United States work together, we can add tremendous momentum to an important effort.”

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India assumes the G20 presidency on 1 December 2022. Janet Yellen emphasized that debt distress in developing countries continues to pose risks to macroeconomic growth and stability. She said more needed to be done to provide “timely and comprehensive debt management”. She praised India for supporting the reform efforts of the Sri Lankan authorities.

“We’ve already taken steps in emergency situations like Sri Lanka, and India’s aggressive action is critical to supporting the authorities’ reform efforts,” Yellen said. “We’re continuing to push for emergency action in other situations as well,” she said. The US is actively helping India attract private capital to close its infrastructure gap.

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India and the US have worked together to develop multilateral development banks to address global challenges such as climate change, pandemics, fragility and conflict, she said. Yellen said she looked forward to supporting U.S. businesses in India.

Janet Yellen said: “Together we are shaping the digital economy. We are working with India to deliver tangible results in the G20’s work to strengthen cross-border payments and our financial inclusion to connect the unbanked around the world.”

Yellen noted that the United States has made significant progress in strengthening its bilateral relationship with India. She said that in 2022, the bilateral trade volume between India and the United States will exceed 190 billion US dollars. She said the Biden administration has taken “concrete steps” to cement this strong partnership.

“We have made significant progress in strengthening our bilateral relationship with India. The United States is India’s largest trading partner. In 2022, our bilateral trade volume exceeds $190 billion. We have substantial cross-border investment and lasting people-to-people exchanges as the world The relationship between the two largest democracies in the world,” Yellen said.

The U.S. Treasury secretary has called the U.S.-India economic and financial partnership “at the heart” of formal economic dialogue since the global financial crisis. Yellen said that since she took office, she has met with Treasury Secretary Nirmala Sitharaman more than ten times, and emphasized that this shows the importance of close cooperation between India and the United States on issues such as macroeconomics, climate finance and financial regulation.

Yellen called India and the U.S. close partners in tackling global turmoil. “We are also close partners in addressing global turmoil and advancing our shared goals of a free and open Indo-Pacific. We are working closely with India, Australia and Japan through the Quad,” she said.

Yellen said the U.S. is pursuing a policy called “supporting friends” to deepen integration with its trusted trading partners. The goal is to expand trade links with various countries the U.S. can rely on to create more redundancy in critical supply chains, she said. She called India one of the reliable trading partners of the US.

“Our aim is to expand trade links with a wide range of countries we can rely on – to create more redundancy in our critical supply chains. India is one of our reliable trading partners. Among other initiatives, we are working on Connecting new communities to global markets. We’re trying to do that in a way that helps those communities move up the value chain,” Yellen said.

“India’s infrastructure investment has enormous potential to boost productivity and improve the efficiency of trade between our two countries,” Yellen said. She said India and the U.S. were following what she called “modern supply-side” policies, which included investing in human capital , physical capital and science and technology to enhance long-term economic potential. Both countries are also seeking leadership in proximity energy technologies, she said. (Arnie)

(This is an unedited and auto-generated story from a Syndicated News feed, the body of content may not have been modified or edited by LatestLY staff)