Working closely with India during its G20 presidency: US Treasury Secy

US Secretary of the Treasury Janet Yellen on Tuesday local time said that the US is working closely with India during its G20 Presidency on global economic issues She said that the close collaboration between India and the US showcases how advanced and emerging economies can bridge political differences and make progress on shared policy objectivesWhile addressing the USIndia Business Council India Ideas Summit on Tuesday Janet Yellen said We are working closely with India during its G20 presidency on global economic issues I believe that our close collaboration is showing the world how advanced and emerging economies can bridge policy differences and make progress on our shared policy objectives When India and the United States work together we can add significant momentum to important effortsIndia assumed the G20 Presidency on December 1 2022 Janet Yellen stressed that debt distress in developing nations continues to pose a risk to macroeconomic growth and stability She stated that more needs to be done to provide timely and comprehensive debt treatments She lauded India for supporting Sri Lankan authorities in its reform effortsYellen said We have taken steps forward on urgent cases like Sri Lanka where Indias proactive actions have been critical to supporting the authorities reform efforts We are continuing to push for urgent action in other cases as well She said that the US is actively working to help India attract private capital to close its infrastructure gapShe said that India and US have made collective efforts to evolve the multilateral development banks to address global challenges like climate change pandemics fragility and conflict Yellen said that she looked forward to supporting American businesses in IndiaJanet Yellen said We are working together to shape the digital economy We are collaborating with India to deliver tangible outcomes on the G20s work to enhance crossborder payments as well as our financial inclusion efforts to connect the unbanked around the worldYellen noted that the US has made significant progress to bolster bilateral ties with India She stated that the bilateral trade between India and US reached over USD 190 billion in 2022 She said that the Biden administration has taken concrete steps to build on this robust partnershipWe have made significant progress to strengthen our bilateral ties with India The United States is Indias largest trading partner In 2022 our bilateral trade reached over USD 190 billion And we have significant crossborder investments and durable peopletopeople ties as the two largest democracies in the world Yellen saidThe US Secretary of the Treasury has called USIndia Economic and Financial Partnership a centrepiece of formal economic dialogue since the global financial crisis Yellen said that she has met with Finance Minister Nirmala Sitharaman over ten times since assuming office and stressed that this demonstrates the importance of close collaboration between India and the US India on issues spanning the macroeconomy climate finance and financial regulationYellen called India and US close partners in responding to global disruptions She said We have also been close partners in responding to global disruptions and advancing our shared goal of a free and open IndoPacific We are working closely with India Australia and Japan through the QuadYellen said that the US is pursuing a policy called friendshoring to deepen integration with its trusted trading partners She said that they aim to expand trade ties with various nations that the US can rely on to create more redundancies in critical supply chains She called India one of the US reliable trading partnersOur aim is to expand trade ties with the broad array of countries we can rely on in order to create more redundancies in our critical supply chains India is one of our reliable trading partners Among other initiatives we are working to connect new communities to the global market And we are working to do so in a way that helps these communities move up the value chain Yellen saidYellen said Indias infrastructure investments have significant potential to boost productivity and increase the efficiency of trade between our two countries She stated that India and US are following what she described as modern supplyside policies which include investing in human capital physical capital and science and technology to boost longterm economic potential She said that both nations are also pursuing leadership in close energy technologiesThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever