Treasury Secretary Janet Yellen Calls India as the 'Indispensable Partner for Friend-shoring'
The US Treasury Secretary Janet Yellen has referred to India as the potential and indispensable partner for the US, promoting friend-shoring.
Janet Yellen, secretary of the Treasury of the United States, has recently visited India to take part in the G-20 meeting alongside financial ministers and central bankers. Marking her second visit to India, she addressed India as an indispensable partner for friend-shoring, expressing U.S.’ keen interest in developing valuable ties with the nation.
Friend-shoring is critically referred to as a strategy where a nation sources raw materials, components, and manufactured goods from countries with shared values. Stating the significance of derisking and friend-shoring for the US, she highlights India’s role in friend-shoring and promoting the strategy seamlessly in the country.
Friend-shoring has landed as a potential foundation to increase the resilience of supply chains in the US, where India has emerged as an indispensable partner to deepen ties within both nations. The private sector plays a crucial role in friend-shoring, following which, making firm announcements for investing in the Indian market landscape has highlighted India as an excellent place to produce and export to the US.
The US-India bilateral ties have reached monumental significance with increased strength in recent times. Ms. Yellen, during her meeting at Gandhinagar, highlighted her current priorities that ought to be attained through negotiation among both nations. It includes debt distress in emerging markets and developing countries, multilateral development bank evolution, and global tax deal, in addition to discussing the political conflicts prevailing globally.
Debt vulnerabilities, which increased with the advent of the pandemic, can be tackled via the restoration of debt sustainability, unlocking the massive economic potential of developing nations. Ms. Yellen stated that addressing these debt uncertainties allows developing countries to advance and contribute efficiently to the global economy, thereby benefiting nations all around the globe. She remarked on the extended service of the US Treasury in the international monetary fund’s (IMF) poverty reduction and growth trust to nurture a financially sustainable footing.