What is Friend-shoring? that the US Secretary of the Treasury Janet Yellen talked about
Yellen said this was her first visit to India, adding, “I"m delighted to be here as India celebrates its 75th year of independence & prepares to assume the G20 presidency. As President Biden said, India is one of America"s indispensable partners”.
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New Delhi, Nov 11: US Secretary of the Treasury Janet Yellen, who is in India to participate in the US-India Economic and Financial Partnership, on Friday, met business leaders at Microsoft India Development Centre in Noida.
Yellen said this was her first visit to India, adding, “I'm delighted to be here as India celebrates its 75th year of independence & prepares to assume the G20 presidency. As President Biden said, India is one of America's indispensable partners”.
“I’m here to meet my counterpart FM Sitharaman. India-US economic ties are getting stronger & deeper with time. With concerns on supply chain, we should work together,” she said. “Democracies can deliver for people. The trajectories of the global economy will be shaped by the work that India & the US undertake together; the same is true for the prosperity & security of the Indo-Pacific. US-India relationship continues to grow,” she added. Yellen said the US welcomes India's ambition to become a powerhouse, in areas of green hydrogen and other renewable technologies like solar. “… US and India share an interest in strengthening our supply chains, in a world where certain governments wield trade as a geopolitical weapon,” Yellen said.
“US is ready to work with India to close the global digital gap. Economic integration requires a modern int'l payment system. Cross-border payments should be cheaper, faster, more transparent &easier to access. We look forward to working with India to deliver tangible outcomes,” the US Treasury Secretary added.