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Treasury Secretary Yellen in Delhi to Strengthen American Supply Chain

Treasury Secretary Yellen in Delhi to Strengthen American Supply Chain

On November 11, U.S. Treasury Secretary Janet Yellen met India’s Finance Minister Nirmala Sitharaman ahead of the 9th meeting of the India-U.S. Economic Financial Partnership in New Delhi which both leaders led. Both sides discussed issues of mutual interest, including climate finance, multilateral issues, India-U.S. cooperation at G20 under India’s presidency, taxation, supply chain resilience, global economy and macroeconomic outlook.

Friendshoring

On the sidelines of the 9th India-U.S. Economic Financial Partnership meeting, the two leaders participated in a round table interaction on India-U.S. Business and Economic Opportunities with top business leaders and eminent economists. Much of the focus is to make fast-growing India a counterbalance to China in Asia and a reliable source of goods and services for the U.S. economy.

“For too long, countries around the world have been overly dependent on risky countries or a single source for critical inputs,” Yellen said in remarks at a Microsoft Inc. facility in New Delhi. “We are proactively deepening economic integration with trusted trading partners like India.” Progress in what Yellen has termed friendshoring is already in evidence, with Western companies diversifying supply chains and investing beyond China, she said.

“The United States and India share an interest in strengthening our supply chains in a world where certain governments wield trade as a geopolitical weapon,” Yellen said in her excerpted remarks, citing Russia’s restrictions on natural gas sales to Europe as an example.

Yellen said in a tweet that the U.S. relationship with India is strong and continues to deepen through trade, critical economic ties, and shared values.

“A cornerstone of the U.S.-India economic relationship is the investments being made by our companies in each other’s countries. I spoke at the Microsoft India Development Center today about how we can deepen those ties, including through friend-shoring,” noted Yellen in another tweet.

Sitharaman said India considered the United States a “trusted friend” and the four-nation Quad and the Indo-Pacific Economic Framework to be key cornerstones of bilateral engagement “in developing sustainable economies, ensuring global health security, resilient supply chains, clean energy technologies, green infrastructure and climate finance.”

“The strength of Indo-U.S. relationship lies in mutual understanding of each one’s necessities and respecting differences,” Ms. Sitharaman said on Friday.

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