India and the US on Friday pledged to further deepen bilateral co-operations, held ninth US-India Economic and Financial Partnership (EFP) here, against the backdrop of global turmoil and New Delhi preparing to assume the G20 presidency from December. Both finance minister Nirmala Sitharaman and US Treasury secretary Janet Yellen, who is on a one-day visit to India, highlighted the strong trade, investment, and people-to-people ties as a critical component of bilateral partnership.
India deeply values its relationship with the US as a “trusted partner”, Sitharaman said. “We will continue to rely on close cooperation with the US to address the global economic challenges in a more coordinated manner and in strengthening multilateralism,” she added. In addition to the strong bilateral relationship underpinned with shared values and convergence of interests on wide ranging issues, the Quad and the Indo-Pacific Economic Framework have further expanded bilateral cooperation, Sitharaman said.
“They serve us as important fora for a stronger collaboration in developing sustainable economies, ensuring global health security, resilient supply chains, clean energy technologies, green infrastructure and climate finance. Our substantial and multifaceted cooperation through the Economic and Financial Partnership Forum remains a key cornerstone of our bilateral engagement,” she said.
Yellen stressed that Russia’s “unjustified invasion” of Ukraine “generated an unwelcome shock to fuel and food prices and greatly exacerbated inflation pressures”. The Ukraine war came just when the world economy was still recovering from the Covid-19 pandemic, she added.
“But challenges like this help strengthen partnerships like the one that exists between the US and India by demonstrating the necessity of cooperation and clear and open communication,” Yellen said. “And India’s membership in the Indo-Pacific Economic Framework and efforts to make our supply chains more resilient through what I call friend-shoring are tightening those ties,” she added.
The India-US collaboration can not only promote each of our economies’ growth and stability, but also can be instrumental to supporting economic prosperity across the Indo-Pacific region, the treasury secretary said. “Looking ahead, we’re also eager to discuss our shared priorities as India assumes the presidency of the G20 in the coming weeks,” she added.