US and India Strengthen Commitment to Combat Supply Chain Disruptions
The US and India have reaffirmed their commitment to multilaterally addressing global supply-side disruptions that are causing food and fuel inflation. At the 9th US-India Economic and Financial Partnership (EFP) meeting, Union finance minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen discussed emerging financial sector issues such as digital assets and payment system, including cryptocurrencies, and joining hands to fight financial crimes such as terror funding, money laundering, offshore tax evasion, and the unauthorised use of data.
The two countries also discussed the macroeconomic outlook, supply chain resilience, climate finance, multilateral engagement, global debt vulnerabilities, and combating money laundering and terror financing. Yellen expressed confidence in India playing a major role as a reliable partner for “friendshoring” to minimise supply chain vulnerabilities.
The US and India also discussed the need for a high regulatory standard globally to deal with risks associated with cryptocurrencies. India has a similar view on cryptocurrencies, which are currently unregulated in the country, and is awaiting a global response before framing a law on them.
India has emerged as one of the fastest-growing major economies in the world and is expected to be one of the top three economic powers globally over the next 10-15 years. Bilateral trade in goods between the two countries crossed the $100 billion mark in 2021, making it the largest volume of goods trade in India-US economic history. The defence trade between India and the US has also reached more than $20 billion from near-zero about 12 years ago.
The US and India look forward to sustained engagement through the longstanding US-India Financial Regulatory Dialogue, a platform for discussing emerging financial sector issues and priority areas. India and the US are committed to upholding the rules-based international order and will continue to work together to promote growth and stability, and support economic prosperity across the Indo-Pacific region.
This is amazinh news! India and the US have come a long way in terms of their relationship. It’s great to see them working together to promote growth and stability in the region. I’m curious to knoe what the outcome of the Financial Regulatory Dialogue will be.
This is great news. The US-India relationship is a perfect example of how strong economic ties can be beneficial for both countries. I’m looking forward to seeing what the partnership will bring in the future.
This is an inspiring news. India and the US have come a long way in terms of strengthening their commitment towards the global economy. I’m sure the partnership will bring more growth and prosperity to the region.
This is an interesting development. It’s good to see both countries taking steps to combat supply chain disruptions and strengthen the financial sector. Does anyone have any recommendations for companies working in this field?
I’m so glad to see India and the US reaffirm their commitment to multilaterally addressing global supply-side disruptions. I’m sure this will help reduce food and fuel inflation.