‘India an indispensable partner for US policy of friend-shoring’: Treasury Secy Janet Yellen ahead of G20 summit

“Our ties continue to deepen. The United States is India’s largest export market and our bilateral trade last year reached an all-time high and we are looking to see it grow even more. Friend-shoring will also be a significant area of discussion in the next portion of our trip to Vietnam,” she said referring to her scheduled visit to the Southeast Asian country.

United States secretary of treasury Janet Yellen during a media briefing of G20 finance ministers and central bank deputy governors meeting at Mahatma Mandir on Sunday. (Express photo by Nirmal Harindran)

“Private sector is really an important part of friend-shoring and we are seeing continued announcements of investments in India by private firms that see India as a place producing and exporting to the United States,” she added.

The US Treasury Secretary also reiterated the US’s stand with regard to Ukraine as she said “one of the core goals this year is to combat Russia’s efforts to evade sanctions”.

“Another key priority this week is to redouble our support to Ukraine as it continues to defend itself against Russia’s illegal and unprovoked attack… Ending this war is first and foremost a moral imperative and the single best thing we can do for the global economy,” Yellen, who visited Kyiv earlier this year, said.

“Let me be clear that our coalition support to Ukraine is unequivocal. The United States will stand with Ukraine for as long as it takes. We will also continue to cut off Russia’s access to military equipment and technologies it needs to wage war against Ukraine. One of the core goals this year is to combat Russia’s efforts to evade sanctions. Our coalition is building on the actions taken in recent months to crack down on these efforts,” she added.

Yellen, who was on a four-trip to China last week, said the US was “eager” to work with Beijing on areas of mutual interest, including debt restructuring for poorer countries. She said her visit to Beijing put the relationship between the two biggest economies of the world on a “surer footing.”

“As the world’s two largest economies, we have an obligation to the people in our nations and the world to cooperate on areas of mutual concern. Last week’s visit served as a step forward in putting our relationship on surer footing and establishing a resilient and productive channel of communication,” she said.

“There is much more work to do. But I believe this trip was an important start. I am eager to build on the groundwork that we laid in Beijing to mobilise further action.”

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