US trusted partner in dealing with global economic challenges: FM

Ahead of assuming the G20 Presidency next month, India today said it looks forward to “close co-operation” with the United States in dealing with the global economic challenges and strengthening multilateralism. In her opening remarks at the 9th meeting of the India-USA Economic and Financial Partnership (EFP) in New Delhi today, finance minister Nirmala Sitharaman said India deeply values its relationship with the US as a “trusted partner”.

At the India-US EFP, US treasury secretary Janet Yellen, who is on a visit to India, mentioned that the US is committed to strengthening bilateral economic relationship with India, and deepen the level of co-operation and co-ordination.

“Our substantial and multifaceted cooperation through the EFP forum remains a key cornerstone of our bilateral engagement. Our meeting today will lend greater vigour to our economic relationship, strengthen business-to-business links and facilitate coordinated policy stance to address the pressing global economic challenges,” Sitharaman said.

“The ninth meeting of the EFP is also being held against the backdrop of India preparing to assume the G20 Presidency. We will continue to rely on close cooperation with the United States to address the global economic challenges in more coordinated manner and in strengthening multilateralism,” Sitharaman said, expressing confidence that today’s meeting will lend greater vigour to Indo-US economic relationship.

Sitharaman mentioned that QUAD and the Indo Pacific Economic Framework have further expanded our cooperation. “They serve as important fora for stronger collaboration in developing sustainable economies, ensuring global health security, resilient supply chains, clean energy technologies, green infrastructure and climate finance,” Sitharaman added.

Yellen said the Russia-Ukraine war came as an unwelcome shock, when the world economy was recovering from Covid. “But challenges like this help strengthen the partnerships like the one that exists between the US and India by demonstrating the necessity of co-operation and clear and open communication,” Yellen said.

“Our strong trade, investment, and people-to-people ties make the bilateral economic and financial relationship a critical element of that partnership. And India’s membership in the Indo-Pacific Economic Framework and efforts to make our supply chains more resilient through what I call friend-shoring are tightening those ties.”