GANDHINAGAR: The US sees India as an “indispensable partner” for friend-shoring as a part of the full “derisking strategy” for the American provide chainsstated US treasury secretary Janet Yellen stated on Sunday.
“Friend-shoring is an important foundation of our approach to increasing the resilience of our supply chains, and we see India as an indispensable partner in that. More broadly, I hope to use this trip to deepen what is already a significant relationship with respect to friend-shoring that India and the US have. Our ties continue to deepen. The US is India’s largest export market. Our bilateral trade reached an all-time high and we are looking for it to even grow it more,” she told reporters ahead of her meeting with finance minister Nirmala Sitharaman on Tuesday.
Several new investments, including by chipmaker Micron and e-commerce giant Amazon, were announced by American companies during Prime Minister Narendra Modi’s recent trip to the US, with GE also deciding to share technology as part of a deal with public sector company Hindustan Aeronautics Ltd. .
The quad block — US, India, Australia and Japan — had come together in the aftermath of the Covid-19 pandemic, which caused major disruptions in the global supply chain, and are working together through the Indo-Pacific Economic Framework with several other countries. The idea of these discussions has been to reduce dependence on China, with which the US has increased friction.
“I aim to strengthen our bilateral economic ties and behavior by the private sector is an important part of friend-shoring and we are seeing continuing announcements of investments in India as an excellent place to be producing and exporting to the US,” Yellen stated, whilst additionally suggesting that she was once desperate to paintings with China to fortify bilateral members of the family.
“Last week’s seek advice from served as a step ahead in placing our courting on surer footing and organising a resilient and productive channel of verbal exchange. There is a lot more paintings to do. But I imagine this shuttle was once crucial get started. I’m keen to construct at the groundwork that we laid in Beijing to mobilize additional motion,” she stated forward of the assembly of G20 finance ministers and central financial institution governors.
FM urges strengthening of worldwide structure to fight monetary crimes
FM Nirmala Sitharaman on Sunday made a case for additional strengthening the worldwide structure to fight monetary crimes, cash laundering and sharing of details about other asset categories together with crypto currencies.
At a tax symposium at the sidelines of a gathering of FMs from G20 nations she exuded self assurance that G20 will proceed to lend a hand the jurisdictions in bettering their legislation enforcement capability.
Under its presidency, India has taken the lead for development capability in tax and fiscal crime investigation in South Asia and a pilot will probably be introduced in collaboration with OECD on Tuesday, the FM stated.
“Friend-shoring is an important foundation of our approach to increasing the resilience of our supply chains, and we see India as an indispensable partner in that. More broadly, I hope to use this trip to deepen what is already a significant relationship with respect to friend-shoring that India and the US have. Our ties continue to deepen. The US is India’s largest export market. Our bilateral trade reached an all-time high and we are looking for it to even grow it more,” she told reporters ahead of her meeting with finance minister Nirmala Sitharaman on Tuesday.
Several new investments, including by chipmaker Micron and e-commerce giant Amazon, were announced by American companies during Prime Minister Narendra Modi’s recent trip to the US, with GE also deciding to share technology as part of a deal with public sector company Hindustan Aeronautics Ltd. .
The quad block — US, India, Australia and Japan — had come together in the aftermath of the Covid-19 pandemic, which caused major disruptions in the global supply chain, and are working together through the Indo-Pacific Economic Framework with several other countries. The idea of these discussions has been to reduce dependence on China, with which the US has increased friction.
“I aim to strengthen our bilateral economic ties and behavior by the private sector is an important part of friend-shoring and we are seeing continuing announcements of investments in India as an excellent place to be producing and exporting to the US,” Yellen stated, whilst additionally suggesting that she was once desperate to paintings with China to fortify bilateral members of the family.
“Last week’s seek advice from served as a step ahead in placing our courting on surer footing and organising a resilient and productive channel of verbal exchange. There is a lot more paintings to do. But I imagine this shuttle was once crucial get started. I’m keen to construct at the groundwork that we laid in Beijing to mobilize additional motion,” she stated forward of the assembly of G20 finance ministers and central financial institution governors.
FM urges strengthening of worldwide structure to fight monetary crimes
FM Nirmala Sitharaman on Sunday made a case for additional strengthening the worldwide structure to fight monetary crimes, cash laundering and sharing of details about other asset categories together with crypto currencies.
At a tax symposium at the sidelines of a gathering of FMs from G20 nations she exuded self assurance that G20 will proceed to lend a hand the jurisdictions in bettering their legislation enforcement capability.
Under its presidency, India has taken the lead for development capability in tax and fiscal crime investigation in South Asia and a pilot will probably be introduced in collaboration with OECD on Tuesday, the FM stated.