US Finance Minister hints, the US needs India to reduce China’s dominance
Janet Yellen India Visit – This is the first visit of US Finance Minister Janet Yellen to India. Yellen is in India to attend the 9th meeting of the India-US Economic Financial Partnership.
Highlights
⏩ Yellen said – America wants to take the level of cooperation with India to new heights.
⏩ America wants to strengthen the global supply chain.
⏩ Finance Minister Nirmala Sitharaman told America is a reliable partner.
New Delhi. US Finance Minister Janet Yellen, who visited India, met Finance Minister Nirmala Sitharaman today. Addressing the joint press conference after the meeting, Yenet also pointed to the need for India to the US to reduce China’s clout. Janet said that some countries pose geopolitical and security risks to our supply chains. America is now working on a strategy to favor its strategic allies while building the supply chain. In his address, Yellen also referred to the plans of American company First Solar Inc. to set up a manufacturing plant in India and to bring Apple Inc. iPhone manufacturing from China to India.
According to a report by Moneycontrol, today this meeting has taken place before the 9th meeting of the India-US Economic Financial Partnership. Describing trade and investment as important, the US Treasury advocated ‘friend sharing’. Friendshoring means promoting trade between countries with similar democratic values and institutions. Experts say that America is taking this initiative to reduce China’s dominance in the field of manufacturing.
Emphasis on strengthening economic ties
Yellen said that the US is committed to strengthening its bilateral and economic ties with India. America wants to take the level of cooperation with India to new heights. He said, “As the world’s two largest democracies, such annual meetings provide an opportunity to strengthen economic ties between the two countries. The agreements reached on this forum can not only boost the economy, but they can also play an important role in increasing economic prosperity in the entire Edo-Pacific region.
Sitharaman said – America is important to India
Indian Finance Minister Nirmala Sitharaman said that India considers America a reliable partner and attaches great importance to its relationship with America. India will continue to emphasize closer cooperation with the US to strengthen multilateralism and make greater collective efforts to address global economic challenges.
