New Delhi: US Treasury Secretary Janet Yellen on Friday said India is an indispensable partner to the United States, and Washington is looking forward to support New Delhi’s presidency in G20 to achieve shared global priorities.
She was speaking at the US-India Businesses and Investment Opportunities event here.
Addressing the event, Finance Minister Nirmala Sitharaman said India has emerged as one of the fastest-growing major economies in the world.
India has recently surpassed the UK to become the fifth-largest economy in the world and is expected to be one of the top three economic powers globally over the next 10-15 years, she said.
The economic ties between the two countries are touching new heights. The US is India’s biggest trading partner and the bilateral trade has reached an all-time high of over USD 150 billion in 2021.
Yellen, who is on an official visit to India, said as US President Biden said earlier this year, India is an indispensable partner to the United States.
“That’s particularly true today. I believe that these urgent challenges are bringing India and the United States closer together than ever before,” she said.
The bilateral partnership is especially crucial as India prepares to assume the G20 presidency.
Over the next year, “we look forward to supporting India’s presidency and making progress on our shared global priorities”, she said.
Stressing on strengthening of trade and investment between India and the United States, Yellen said deepening bilateral ties will reap significant economic benefits for both nations. At a time of global turmoil, she said, it will bolster both countries’ resilience and national security.
Observing that the economic ties between the US and India are stronger than ever before, she said, the United States is India’s biggest trading partner.
The bilateral trade has reached an all-time high of over USD 150 billion in 2021 and direct investment from India to US supported over 70,000 jobs at the end of 2020, she said.
A broad range of American companies from Whirlpool to Boeing to GE invest in India. And Indian technology firms like Infosys and Mindtree are critical to the day-to-day operations of many American corporations, she added.
“Our relationship has not only withstood, but thrived, at a time of global volatility…I believe that the recent disruptions caused by the pandemic and Russia’s war are a reason to further deepen our economic ties,” she said.
Stressing that India is one of the US trusted trading partners, the US Treasury Secretary said, “In a world where supply chain vulnerabilities can impose heavy costs, we believe it’s important to strengthen our trade ties with India and the large number of countries that share our approach to economic relations. This includes both developing and advanced economies.”
Calling this strategy ‘friendshoring’, she said, “modernising our trade relationships in this way will pay dividends. Increased trade between our two countries can result in economic benefits for our people. It will also provide greater reliability and certainty for consumers and businesses on key goods and inputs.”
Talking about the Indo-Pacific Economic Framework, she said, the Indo-Pacific region is projected to be the largest contributor to global growth over the next few decades and the countries in this framework will help write rules for new economy.
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