US Treasury Secretary Janet Yellen met Nirmala Sitharaman in the 9th meeting of the India-USA Economic and Financial Partnership held in New Delhi.
This meeting was held ahead of the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Bengaluru.
While briefing the media, Janet Yellen said that both US and India understand the importance of mutual coexistence to advance the shared goals of both countries. India and US have always stood for democratic values, upholding territorial integrity and sovereignty and protecting the human rights of their citizens. “Our relations with India are open, frank, and productive”, she added.
Janet further added that the USA has collaborated with India to solve pressing issues that the world is facing currently from mitigating climate change to economic cooperation, taming inflation, and post-covid recovery.
India’s FM Nirmala Sitharaman extended her greeting to Janet and highlighted that the USA remains India’s key ‘Natural Ally’ and strategic partner. With the continuous efforts of PM Modi and President Joe Biden, both countries have got a strategic edge in Indo- the Pacific region.
Image Source- Reuters
According to Nirmala Sitaraman, groups like QUAD, which is a group of four countries Australia, India, Japan, and the United States have together to make Indo- pacific free, open, and competitive, and IPEC (Indo-Pacific Economic Framework) has further led both the countries to develop sustainable economies, resilient supply chains, clean energy securities, global health security, and green infrastructure.
(IPEC is a US-led initiative that aims to strengthen economic partnerships, and enhance resilience, sustainability, inclusiveness, fairness, and competitiveness in the Indo-Pacific region)
Sitaraman said that India deeply values its relationship with the USA.
She said that there is a convergence of interests and vibrant people-to-people contact which is strengthening business-to-business links and economic relations.
This was the 9th meeting of the India-USA Economic and Financial Partnership against the backdrop of the G20 Summit.
New Delhi is ready to host the G-20 Foreign Ministers Meeting (FMM) on March 1, 2024.
G20 Summit
Image Source- Current Affairs Adda247
India has taken the rotatory Presidentship of G20.
G20 The Group of Twenty comprises 19 countries (Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, United Kingdom and the United States) and the European Union. The G20 members represent around 85% of the global GDP, over 75% of the worldwide trade, and about two-thirds of the world population.
The theme of India’s G20 Presidency is – “Vasudhaiva Kutumbakam” or “One Earth One Family One Future”.
India wants to use the platform of the G20 summit to promote the interests and demands of the global south. India proudly brags about its achievement in the digital economy and the rolling out of 5G technology.
Recently, India and Singapore signed a pact to link India’s UPI and Singapore PayNow for real-time digital payment systems. The recent development aligns with the G20’s financial inclusion priorities of driving faster, cheaper, and more transparent cross-border payments.
India will further use this platform to heed pressing issues of climate change, women-led development, transition to green energy, indulging in sustainable agricultural practices by growing millets, and adopting sustainable and responsible choices to make a cleaner, greener, and bluer future.
India is making continuous efforts to eliminate socio-cultural and economic differences from society by building a robust economic model that provides job opportunities to the working population, the standard of living, and fulfilling the basic needs of people to have access to a safe healthcare system and education.
Moreover, India is celebrating 75 years of independence, which marks the beginning of “Amrit Kaal”, the 25 years leading up to the centenary of its independence, democracy, and holding to constitutional values.
India is committed to making India a developed country by 2047, throwing the colonial mindset out of the country, shedding caste and class boundaries, and encouraging people to take pride in the country’s roots, cultural diversity, rich history, and unique topography. People are encouraged to live with unity and brotherhood and a sense of duty towards other citizens.
