US Treasury Secretary Yellen to visit India next month

Janet Yellen, US Treasury Secretary is set to visit India in November -- which will be her first in the current role.

Yellen made the announcement about the India visit during her bilateral meetings with Union finance minister Nirmala Sitharaman, who is currently on a visit to the US.

"I am glad to announce today that in November ahead of the G20 meetings, I will take my first trip to India as Treasury Secretary, to attend the U.S-India Economic and Financial Partnership, our ninth Partnership meeting," Yellen said on Tuesday.

She started her remarks during the bilateral meetings with Sitharaman by saying the US-India relationship is "critical" to address the world's most important global economic challenges.

"This partnership not only is vital to our core economic interests. It also demonstrates to our citizens and the world that democracies deliver. It illustrates the close bonds between our two countries, from the Quad partnership to our strong bilateral economic relationship, and the cultural ties from the Indian diaspora in the U.S," Yellen added.

Further, while stating that the US and India are both "extremely important to the world economy", Yellen said both countries must continue to work together on the economic development and cooperation that has made the partnership strong.

"We also face shared headwinds stemming from the COVID-19 pandemic and Russia's unjust war against Ukraine. Those global shocks have raised energy and food prices in both of our countries, and they've underscored the importance of the efforts both of our countries are undertaking to make our economies more resilient," Yellen said further in her remarks.

At the bilateral meetings with Sitharaman, she said she was looking to discuss the US' efforts to strengthen its supply chains and invest in clean sources of energy - in addition to steps that the US was taking to keep global oil markets well-supplied in the near term.

"That is particularly important given how high energy costs have affected consumers in both of our countries - and in emerging markets globally."

On India's G20 Presidency starting later this year, she said India's assumption of the G20 presidency is an opportunity for more "concerted global cooperation".

"I look forward to discussing India's priorities for their host year and how the United States can best support you as you take on this important role."

( With inputs from ANI )

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