Washington: Indian Finance Minister Nirmala Sitharaman met US Treasury Secretary Janet Yellen on the first day of her Washington visit.
DC They talked about supply chain, clean energy, global macroeconomic environment, India's G20 presidency and ways to strengthen bilateral economic cooperation.
Yellen said the partnership between India and the US was "critical" to solve the most pressing global economic challenges.
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They acknowledged that the two countries were facing difficulties as a result of the recent global shocks due to the food and energy crisis, expressed appreciation for India's participation in the Indo-Pacific Economic Framework (IPEF), and said that the joint The States supported India's G20 Presidency. ,
Sitharaman is in Washington, DC for the annual meetings of the World Bank and the International Monetary Fund. Additionally, he has several bilateral meetings scheduled, many of which will be with G20 finance ministers. It was his first official meeting with Yellen.
According to a tweet by the Finance Ministry, after the meeting, the two leaders discussed various topics of interest to both sides. The two ministers also spoke on several important topics in the light of India's upcoming #G20 Presidency.
According to Yellen's opening remarks, the India-US partnership is vital to the fundamental economic interests of both countries and serves as evidence to the public and to the rest of the world that democracies are effective.
"This demonstrates the strong ties that exist between our two countries, from the Quad partnership to our strong bilateral economic ties and the cultural ties of the Indian diaspora in the US."
The US and India, he continued, were "extremely important" to the global economy and needed to continue to cooperate and grow economically. She acknowledged that the COVID-19 pandemic and Russia's unjust war against Ukraine were "shared headwinds" for both of them.
"Those global shocks have raised energy and food prices in both of our countries, highlighting the importance of efforts by both of our countries to strengthen their economies."
Yellen said she was looking forward to talking about America's efforts to "keep global oil markets well-supplied," as well as initiatives to strengthen supply chains and invest in clean energy.
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"This is particularly important given how consumers in both our countries - as well as emerging markets around the world - have been affected by high energy costs."
The G20 played a key role in the discussion. India is closely monitoring developments in the lead-up to the Bali meeting as Indonesia struggles to strike a deal among the G20 economies given the significant geopolitical gap between the West and Russia.
Yellen told Sitharaman, "I look forward to discussing India's priorities for their host year and how the United States can best support you as you play this important role," adding that In December there was an opportunity for the perception of India to become more concrete in the presidency of the G20. International cooperation.
The US also praised India's IPEF participation. According to Yellen, IPEF will help the US and its allies "deepen economic ties, strengthen supply chains to prevent costly disruptions, and develop guiding standards and regulations for technological innovation in the years and decades to come." "
Yellen said he looked forward to attending the US-India Economic and Financial Partnership meeting next month, which would be his first visit to India as secretary.
According to Sitharaman, the meeting to be held in New Delhi on November 11 will provide them an opportunity to assess the state of the world economy, talk about India's G20 presidency and work together on financial, technical and regulatory issues.
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The agenda for the next meeting also includes items related to climate policies and infrastructure investment.