US Finance Minister Janet Yellen, who is visiting India, met Finance Minister Nirmala Sitharaman today. Addressing the joint press conference after the meeting, Yenet also pointed to the need of India for America to reduce China’s dominance. 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 media report, today this meeting has taken place before the 9th meeting of the India-US Economic Financial Partnership. The US Finance Minister advocated ‘friendshoring’, describing trade and investment as important. 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 America is committed to strengthening its bilateral and economic relations with India. America wants to take the level of cooperation with India to new heights. She 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 for 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 push for closer cooperation with the US to make greater collective efforts to address global economic challenges and strengthen multilateralism.
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