US-India Business Council Ideas Summit, Fostering Economic Partnership, and Innovation
On account of the 48th US-India Business Council Ideas Summit, Janet L. Yellen, US Secretary of the State, has highlighted the successful collaboration and established partnership between both countries, fostering global economic progress and innovation.
The 48th US-India Business Council Ideas Summit was conducted on 12th-13th June 2023 at the U.S. Chamber of Commerce headquarters in Washington D.C., with various participants like Janet L. Yellen, the US Secretary of Treasury and Antony J. Blinken, United States Secretary of State. Mrs. Yellen passed critical remarks at the summit concerning the India-US partnership. Commencing with her gratitude for the US-India Business Council, she emphasized its partnership with the treasury department for the past two annual periods, commemorating the successful collaboration.
Following the concerted efforts by the Biden administration to strengthen the cooperation between both nations, an enhanced economic engagement between India and the US has been confirmed lately. Mrs. Yellen has made almost four visits to India in one year, where the business council ideas summit has made way for critical progress, bolstering bilateral economic relations between India-US and improving the global economy.
As a result, the United States has emerged as India's largest trading partner, with the bilateral trade value surpassing 190 billion USD. Both nations have made reliable cross-border investments and durable people-to-people ties accordingly as the two largest and most independent democracies globally.
Governments of both nations have taken concrete steps to nurture the robust foundation, where the primary procedure stands as enhancing economic dialogue between countries. The US-India Economic and Financial Partnership Dialogue (EFP) has become a pivotal factor in the formal economic dialogue since the Global Financial Crisis. Hence, the EFP meetings have been scheduled on a quarterly cadence in recent times.
Mrs. Yellen has met with Indian Finance Minister Nirmala Sitharaman and made negotiating talks over ten times since assuming office, reflecting the importance of close collaboration between the US and India. They discussed issues that often span the macroeconomy to climate finance, aiming to regulate these conditions, highlighting the close partnership of both countries for a shared goal of a free and open Indo-Pacific.
Mrs. Yellen remarked on the extended support of American businesses in India, stating that innovations in the current scenario and allowing space for new technologies would critically accelerate the world's transition to a net-zero economy.
