India’s G20 Presidency will help advance climate goals and debt burden: Yellen

New Delhi: India’s G20 Presidency will help advance common goals including mitigating the existential risks of climate change, reforming multilateral institutions and addressing the debt burden faced by many developing countries, US Treasury Secretary Janet Yellen said Friday.

During his keynote address at the Indo-American Economic and Financial Partnership in New Delhi, Yellen said that India’s joining the Indo-Pacific Economic Framework is an effort to make supply chains more resilient through tightening of ties.

Yellen and Union Finance Minister Nirmala Sitharaman are leading the 9th India-US VET Meeting, where the two sides are holding discussions on issues of mutual concern including climate finance, multilateral issues, taxation, supply chain resilience, India-US G20 cooperation under India’s presidency, global economy and macroeconomic outlook.

Sitharaman said Friday’s meeting will invigorate economic relations, strengthen business-to-business ties and facilitate a coordinated policy stance to address pressing global economic challenges.

“This forum can not only ensure our economic stability, but can also help to ensure economic stability in the Indo-Pacific region…Looking forward, we also look forward to discussing our common priorities as India assumes the G20 presidency in the coming weeks,” Yellen said, on his first trip to India as U.S. Treasury Secretary.

She pointed out that the current global economic challenges led by Russia’s “brutal invasion of Ukraine” as the world was still recovering from the Covid-19 pandemic would help strengthen the partnership between India and United States. Global events led to a shock in food and energy prices and significantly exacerbated inflationary pressures.

“Challenges like these help strengthen the partnership that exists between the United States and India…We also hope that the mutual understanding we have built will help us work together to advance our shared goals, including mitigating the existential risks of climate change, reforming multilateral institutions and voicing the debt burden faced by many developing countries,” Yellen said.

Sitharaman stressed that India will continue to rely on close cooperation with the United States to address global economic challenges in a more coordinated manner and strengthen multilateralism.

She added that the Quadrilateral and the Indo-Pacific Economic Framework have further expanded bilateral cooperation. “They serve as an important forum for us to collaborate more closely in developing sustainable economies, ensuring global health security, resilient supply chains, clean energy technologies, green infrastructure and climate finance.”

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