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Tuesday, November 29, 2022

Visit to India to strengthen ties with Yellen region

NEW DELHI ( Associated Press) – Supply chain, Russia’s war in Ukraine and the impact of COVID-19 were top topics for US Treasury Secretary Janet Yellen during her meeting with Indian government and business leaders in New Delhi.

Yellen and Indian Finance Minister Nirmala Sitharaman both called for strengthening supply chains with credible trading partners in the Indo-Pacific by diversifying and distancing themselves from geopolitical and security risk-posing countries.

Yellen said Russia has used its natural gas supply as a weapon against the people of Europe, and China currently commands more than 80% of the world’s solar panel production.

He said that India and the United States will work together to “advance our shared goals, including reducing the existential risk of climate change, developing multilateral institutions, and easing the debt burden faced by many developing countries”. can work.

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He made the remarks at the inauguration of the US-India Economic and Financial Partnership meeting after talks with Sitharaman.

Sitharaman said India considers the United States a “trusted friend”, and cited the Quadrilateral Security Dialogue and the Indo-Pacific Economic Framework as key pillars of bilateral dialogue to “develop sustainable economies, ensure the health of global security”. , to ensure the supply chain flexible, clean energy”. technologies, green infrastructure, and climate finance.”

The quadrilateral security talks involving the United States, India, Australia and Japan are aimed at deepening economic, diplomatic and military ties.

Yellen told tech leaders during a visit to the Microsoft India Development Center outside New Delhi that for too long, countries around the world have relied on risky countries or a single source for critical input.

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He added that Russian President Vladimir Putin’s strategy to stifle energy supplies is “an example of how malicious participants use their market positions to gain geopolitical advantage or disrupt business for their own gains.” can do.”

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