Yellen to attend U.S.-India Economic and Financial Partnership meeting
U.S. Treasury Secretary Janet Yellen will visit New Delhi today.
Yellen’s visit comes ahead of the G20 Bali Summit on November 15 and India’s ascension to the G20 Presidency on December 1.
Yellen will attend the ninth U.S.-India Economic and Financial Partnership meeting with Finance Minister Nirmala Sitharaman. The two officials are expected to discuss bilateral cooperation in the supply chain, energy, financial, regulatory and technical fields.
The U.S. has reiterated its support of India’s membership in the Indo-Pacific Economic Partnership—a framework launched in 2010 to deepen macroeconomic cooperation and financial regulations and to combat money laundering and the finance of terrorism. More recently, bilateral discussions continue to focus on boosting economic growth amid the pandemic and soaring inflation.
Russia’s invasion of Ukraine caused India’s Food Price Inflation to reach 7.3% in June, falling from 8.4% in April. However, India belongs to a group of countries profiting from lower prices of Russian oil as Western countries work to fully cut off imports. India’s trade volume with Russia has skyrocketed by 310% since the invasion, with imports reaching +430%. In this light, Yellen’s meetings on bilateral economic cooperation with her counterpart will double as a call to align India’s foreign policies with those of the U.S.
